Italian food emporium Eataly will be floated on the Milan Stock Exchange within 18 months, with the goal of opening capital to third parties.
The news was announced by executive president Andrea Guerra, following a meeting of the company’s board of directors, reports news agency Ansa.
Guerra said that a formal decision has been reached on the project, adding that the process will take 12-18 months. A more precise date for the IPO will be decided by the board between Christmas and February 2018.
He added that Eataly shares will probably be sold by shareholders, although he did not exclude the possibility of a capital increase.
Company Growth
Guerra also announced the opening of three new Eataly stores for Christmas, before work on the IPO is set to start.
Eataly reported a loss of €11 million in 2016, but the executive president said that the company expects revenues and EBITDA to grow this year.
The group operates over 30 stores in Italy, as well as the US, Sweden, Denmark, Brazil, Turkey and Japan. The retailer is opening a new outlet in Los Angeles this weekend.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine
