Italian luxury group Brunello Cucinelli said on Wednesday its top shareholder, the Fedone holding company, had sold 646,000 shares, representing a 0.95% stake, via an accelerated bookbuilding procedure at a price of 47.20 euros per share.
Fedone, the holding company of founder and chairman Brunello Cucinelli, now owns a 50.05 percent stake and confirmed its commitment to remain the company’s controlling shareholder.
The fundraising of around 30 million euros ($35.49 million) “will allow my family and our foundation to carry out extraordinary work in our small village, work that I define as a ‘thousand-year project’,” the manager said in a statement.
The offering was reserved to both qualified Italian investors and foreign institutional investors, the company added.
The headquarters of Cucinelli, known for its cashmere clothing, are located in the medieval hamlet of Solomeo, in central Italy.
By Silvia Recchimuzzi in Gdansk, Claudia Cristoferi in Milan; editor: Agnieszka Flak and Nick Zieminski