AFP
Jun 29, 2011
Ferragamo shares up sharply on Milan listing
AFP
Jun 29, 2011
June 29 - Shares in Italian luxury brand Salvatore Ferragamo skyrocketed on their first day of trading on the Milan stock exchange on Wednesday, jumping 7.67 percent.
 Couture Shoe Design by Salvatore Ferragamo - photo: corbis |
Ferragamo's initial share price was fixed at nine euros, which would value the company's at 1.52 billion euros ($2.19 billion).
The family-run company has said the sale of 25 percent of the firm will allow it to fund its expansion in Asia.
It sold an eight-percent stake in March to Hong Kong businessman Peter Woo.
The company has more than 2,800 employees and 578 stores around the world.
Another leading Italian luxury company, Prada, listed on the Hong Kong stock exchange last week.
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