The social network, with 60 million daily users, plans to begin selling sunglasses with a built-in camera for $129.99.
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.