Ferragamo family to sell 3.5 percent stake through ABB

Italy’s Ferragamo family, which controls the Salvatore Ferragamo group is planning to sell a 3.5 percent stake in the company through an accelerated book building (ABB), reports Reuters.

Through its holding Ferragamo Finanziaria, the family owns 57.76 percent of the firm, however total family members control a stake of around 70 percent in a the luxury group. Quoting a statement from the company, Reuters added that Goldman Sachs was the sole book-runner in the ABB operation, which is aimed at institutional investors.

For the first quarter, the Salvatore Ferragamo Group reported total revenues of 304 million euros, down 1.7 percent, while the profit before taxes amounted to 15 million euros, down 5.3 percent. For fiscal year 2017, the company’s total consolidated revenue amounted to 1,393 million euros, down 3.1 percent at current exchange and 1.4 percent at constant exchange rates against FY16.