Shares of Italian luxury shoemaker Salvatore Ferragamo rose in their first day of trading in Milan, defying expectations for a muted debut.
The Florence-based maker of shoes worn by Hollywood stars, such as Audrey Hepburn and Marilyn Monroe, raised 344 million euros in the listing.
Like other luxury goods makers Ferragamo is betting on growth prospects in booming Asian markets.
“We have faced difficult moments on the equity markets, but we made it,” Chairman Ferruccio Ferragamo said at a ceremony marking the launch of trading on the Milan bourse.
A Milan fund manager said Ferragamo had benefited from a launch when markets were more optimistic about a crucial Greek austerity plan getting parliamentary approval.
“The stock was not placed at a great price and the multiples were fairly high in our opinion. But the company has an excellent story and the market’s buying that,” said the manager, who spoke to Reuters on condition of anonymity.