Italian leather goods brand Furla has recently announced its decision to postpone its plans to go public and will continue to be owned by the Furlanetto family. CEO Alberto Camerlengo stated in an interview with Italian journal Repubblica that the family sees value in delaying the initial public offering (IPO). Although Furla has not completely ruled out the possibility of a future IPO, there are currently no immediate plans to pursue this option. This move comes after Tamburi Investment Partners (TIP) sold its minority share in Furla last October, with Furla’s president, Giovanna Furlanetto, and her children acquiring TIP’s shares through their holding company Bloom. As a result, the Furlanetto family now holds over 70% of the brand, while the remaining 30% is held by other family members.
In 2018, Furla experienced a slowdown in growth after six consecutive years of double-digit increases. The brand’s annual revenue reached €513m, marking a 2.8% increase (5.2% at constant exchange rates) compared to the previous year. In light of this, CEO Camerlengo revealed that there will be significant announcements and investments in the coming months which will impact the entire company. While Furla is not currently planning to open new stores, it will focus on renovating existing locations with a fresh new design. Moreover, the company aims to streamline its retail operations through a restructuring plan, with the goal of reducing the number of retailers. Presently, Furla operates 490 stores worldwide, spanning across 98 countries. Additionally, its products are sold in 1,200 multi-brand retailers.
By delaying its IPO and prioritizing internal growth, Furla is reaffirming its commitment to maintaining its status as an independent, family-owned brand. With its upcoming expansion plans and store renovations, the esteemed Italian luxury label aims to solidify its position in the market and continue delivering affordable luxury to its customers across the globe.