September 16, 2009, 12:00 AM

YOOX moves ahead with plans for an initial public offering

Though key details have yet to be released, including the number of shares and the price per-share, YOOX has made a formal request to be listed on Borsa Italiana SpA, the Italian stock exchange.

Despite the global economic slowdown, online apparel retailer YOOX Group is going ahead with plans for an initial public offering.

YOOX, No. 79 in the Internet Retailer Top 500 Guide, expects to finalize plans for the IPO this fall. “The transaction will consist of the public sale of shares in Italy as well as a private placement of shares to qualified investors in Italy and institutional investors abroad,” the company says.

Key IPO details, including the number of shares to be offered and the price per-share, have yet to be released. But YOOX, working with Goldman Sachs International and Mediobanca as financial advisors, has made a formal request to be listed on Borsa Italiana SpA, the Italian stock exchange. YOOX has no plans to conduct a stock offering in the U.S., the company says.

For the first six months of the 2009 fiscal year, in U.S. currency:

  • Web sales increased 46.4% to $100.3 million from $68.5 million.
  • Earnings before interest, taxes, depreciation and amortization grew year over year 148% to $6.2 million from $2.5 million.
  • Total order volume increased 48.1% to 536,000 from $362,000.
“The positive numbers during the first six months of 2009 confirm the strength and the uniqueness of our business, one that includes strong relationships with the leading brands in fashion and design,” says YOOX founder and CEO Federico Marchetti. “These results allow us to look toward the upcoming public listing in Milan with confidence as it will allow us to accelerate our development and on-going growth throughout the world.”

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