MILAN — Calzedonia Group once again took the top spot as the company with the highest potential to go public, according to the 2023 “Le Quotabili” study by Milan-based consultancy Pambianco Strategie di Impresa. Giorgio Armani‘s namesake group ranked second, followed by Golden Goose, inverting the two companies’ positions from last year’s study.

Autry, Stefano Ricci and Max Mara ranked fourth, fifth and sixth, respectively.

The Pambianco ranking analyzes the companies that have the economic, financial and positioning characteristics to be publicly listed in a time span of three to five years, regardless of whether a listing is in the plans of the firm.

Two companies that have actually expressed an interest in an IPO, Liu-Jo and OTB, were ranked ninth and 16th, respectively. OTB, which controls Diesel, Marni, Jil Sander, Maison Margiela and Viktor & Rolf, last year was positioned sixth. Dolce & Gabbana ranked 13th.

Calzedonia Group, founded by Sandro Veronesi, controls the Calzedonia, Intimissimi and Tezenis labels as well as knitwear brand Falconeri, bridal line Atelier Emé and wine retailer Signorvino. In September last year, it took a majority stake in Antonio Marras.

In the Pambianco report, Veronesi admitted that a listing is “an opportunity we have considered many times, but that we have always postponed to focus on other goals.” Aged 64, he said the main objectives were now the generational handover, as his children increase their responsibilities within the company, and the evolution into a group of brands and companies, allowing each to be more autonomous. “So the Bourse could be an option, but in the future, not now,” he concluded.

Gruppo Calzedonia in 2022 logged another year of growth, reporting revenues up 21.6 percent to more than 3 billion euros in the year before. In 2023, Calzedonia further diversified through the acquisition of premium yacht-maker Cantiere del Pardo.

The Giorgio Armani Group closed 2022 on an upward trajectory, with revenues rising 16.5 percent to 2.35 billion euros compared with just over 2 billion euros in 2021.

Sales including licenses exceeded 4.5 billion euros, while retail sales turnover is estimated to exceed 6.5 billion euros. Armani, who holds the roles of chairman, chief executive officer and creative director of the company, continues to firmly uphold the value of independence.

The expansion of direct-to-consumer sales and investments in consumer experience contributed to a solid growth of Golden Goose across geographies in the first nine months of the year.

Revenues of the Italian brand rose 19 percent to 421 million euros in the period ended Sept. 30. Compared with 2021, sales climbed 60 percent. Profitability continued to grow with the earnings before interest, taxes, depreciation and amortization margin rising to 34.8 percent.

The brand was established in 2000 and is best known for its successful Superstar sneakers and intentionally distressed styles. In 2020, the company was acquired by the private equity fund Permira from the Carlyle Europe Buyout fund. The price tag was pegged at 1.28 billion euros.

Market sources say Permira is eyeing a potential sale of an IPO of Golden Goose, led by CEO Silvio Campara, and that it has tapped Lazard as an adviser. During the WWD x SKP Fashion & Beauty Global Summit in Chengdu, China, Campara, who is one of the main shareholders, said he is open to the idea of taking the company public.

As part of the fashion small cap companies, Fenicia, with its Camicissima brand, ranked first, followed by Chiara Ferragni’s TBS Crew, with its The Blonde Salad talent and marketing strategy agency. As reported, TBS Crew closed 2022 with revenues of 14.6 million euros. Ferragni is also the CEO of Fenice, parent to her namesake brand, which in June secured an investment from AVM Gestioni, which bought a 26 percent stake in a deal that valued Fenice at 75 million euros.

The Attico, founded by Giorgia Tordini and Gilda Ambrosio, was in the third spot. In 2018, the Ruffini family’s Archive vehicle took a 49 percent stake in the brand to support its growth. Founded in 2016, The Attico closed 2022 with sales of 44 million euros, and exports accounted for 68 percent of the total.

Under the beauty umbrella, Euroitalia, founded in 1978 by Giovanni Sgariboldi and a fragrance licensee for brands ranging from Versace, Moschino, Brunello Cucinelli and Dsquared2 among others, ranked first. Davines and Alfa Parf Group ranked second and third, respectively.

Design Holding ranked first in the design industry. The company includes B&B Italia, Flos, Louis Poulsen, Arclinea, Maxalto, Azucena, Audo and Lumens, and in 2021 established a joint venture with Fendi, Fashion Furniture Design, or FF Design, to produce and distribute the brand’s Casa collections.

Asked about a potential IPO, CEO Daniel Lalonde said in the report that the company is now “totally concentrated on the development of the brands in our portfolio. There are still many growth opportunities in our market and for this we continue to invest in our expansion path.” The company closed 2022 with sales of 868 million euros, up 25.8 percent on 2021.

Edra and Minotti ranked second and third, respectively.

In the wine category, Palazzo Antinori ranked first, followed by Santa Margherita Gruppo Vinicolo, owned by the Marztto family.

For the first time, the study included the hospitality industry, with Egnathia Iniziative Turistiche and its Borgo Egnazia resort in Apulia ranking first. Sardegna Resorts, with Hotel Cala di Volpe on the Costa Smeralda and Starhotels Finanziaria ranked second and third, respectively.

Pambianco considers companies with sales above 50 million euros, or for small cap, sales between 10 million and 50 million euros.

The consultancy ranked the companies based on seven parameters: percentage growth (in this case in the 2020 to 2022 period); average earnings before interest, taxes, depreciation and amortization percentage in the three-year period; brand awareness; size; exports; distribution control (directly operated stores and e-commerce), and market positioning (high, medium, low).