Crisis-beating Italian online fashion retailer launches IPO

Yoox, an Italian online fashion retailer that sells top brands and has been growing rapidly during the global economic crisis, launched an initial public offering (IPO) in Milan on Monday.

The company is offering a total 55.5-percent stake and is pricing shares at between 3.60 and 4.50 euros per share, valuing the company at 226.8 million euros (339.5 million dollars). The IPO is to be completed by November 30.

Four investment funds currently own a 55-percent stake in the company, which sells brands including Diesel, Dolce (and) Gabbana, Emporio Armani and Valentino.

Yoox has reported a 48.8-percent rise in sales to 106.7 million euros over the first nine months of the year, with net profit rising to 2.8 million euros compared to a net loss of 400,000 euros over the same period in 2008.

The company was set up in 2000 and operates through the website yoox.com.

A report this month by the 30-nation Organisation for Economic Cooperation and Development (OECD) showed online commerce is booming because people and businesses are looking for bargains and new outlets in bad economic times. (AFP)