MILAN — Changes are afoot at Elisabetta Franchi’s parent company Betty Blue SpA, after it indefinitely postponed plans for an initial public offering originally expected in the first quarter of 2020.
Chief executive officer Enrico Mambelli, who previously helmed brands including Gianfranco Ferré and Diadora, is leaving the company.
A successor has yet to be named.
Mambelli joined Betty Blue SpA in October 2019 tasked with spearheading the company’s debut on the Milan Bourse, a project it was forced to withdraw last July in the wake of the economic downturn caused by the COVID-19 pandemic.
The company’s IPO on the AIM segment for small caps of the Italian Stock Exchange was slated to encompass a merger of Betty Blue SpA, owned by the designer, and Spactiv, listed on the AIM segment and promoted by Borletti Group and Milano Capital. Spactiv is a special purpose acquisition company backed by entrepreneur Maurizio Borletti; former Emanuel Ungaro ceo Paolo De Spirt, and Gabriele Bavagnoli. The transaction valued Betty Blue at 195 million euros. After the IPO, the designer was expected to control a majority stake of between 58 and 65 percent.
The Elisabetta Franchi company was founded in 1998 and is positioned in the accessible luxury segment.
In 2019, Betty Blue SpA posted adjusted net profits of 14.7 million euros, down 2.2 percent compared to 2018. Revenues totaled 120.4 million euros, up 4.7 percent compared to 2018, driven especially by retail and e-commerce operations in Italy and abroad, in addition to a good performance in the Italian wholesale channel.
Adjusted earnings before interest, taxes, depreciation and amortization totaled 23.5 million euros in 2019, increasing 5.2 percent compared to the previous year.
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