The private equity firm Permira has acquired a controlling stake in Gruppo Florence, helping replenish the coffers of what is fast becoming one of the luxury industry’s main suppliers. Gruppo Florence was considering an IPO next year but instead opted for selling a stake to the private equity firm.
A flotation on Milan’s Borsa Italiana remains a target but the horizon for it is now about three or four years away, Gruppo Florence CEO Attila Kiss told Miss Tweed. The deal with Permira valued Gruppo Florence at more than €1 billion. The company is expecting to generate more than €700 million in revenue in 2023 - impressive considering it was founded less than three years ago.
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