But a trader at a European bank questioned the timing of the operation, adding the move indicated lack of confidence by the family at a time when the group’s fundamentals are not good.
“There’s no CEO and they’re implementing a strategy to turn the company round … if you sell, even if it’s a small stake, you’re certainly not sending a sign of confidence.”
Since launching a strategic plan last year to boost its appeal to a younger clientele and reverse falling sales and profitability, the group has issued a profit warning and lost Chief Executive Eraldo Poletto.
It has since battled to reverse falling sales and profitability, partly due to a clean-up of inventories. The founding family, which now holds around 65 percent of the group, has repeatedly ruled out any idea it might sell its controlling stake.
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