Harmont & Blaine targets Stock Exchange listing for 2019
Harmont & Blaine continues to accelerate and has a very clear vision of its evolution path in the short and medium term. The Italian smart casual brand, owned since October 2014 by local investment fund Clessidra, whose share of the stock has now risen from 35 to 40%, is planning for a Stock Exchange listing in 2019, revising a former, more optimistic forecast.
"By then we will be ready to be listed. This may happen when our shareholder Clessidra will leave the group, since normally investment funds don't commit themselves for more than three to five years," explained Domenico Menniti, the brand's founder-president, after a presentation at the Milan Stock Exchange.
Harmont & Blaine Ltd. does not include the operations of its Children's line, produced under licence by AGB Company, which is linked to the Menniti family, but the objective is to incorporate this activity in the future.
Excluding childrenswear, the company expects to close 2015 with a revenue of approximately €78-79 million, to exceed €90 million next year and to top the €200 million mark in 2019.
"Our growth path is there for the whole world to see. The first phase will end in 2018, and will be the basis on which to build our project for the future. Our objective is to triple our revenue in three years. We can do it," said Domenico Menniti.
The first vector will be stepping up the pace of the brand's internationalisation, given that only 22% of its sales are generated abroad. After the recent opening of a flagship store in Paris, Harmont & Blaine will replicate by opening one in Cannes in the spring.
As it did for France, the brand will also open a subsidiary in Spain, where Harmont & Blaine operates two stores, in Madrid and near Marbella. The group is shortly expected to announce the setting up of a joint-venture in China, and is also keeping a close eye on the US market.
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