Spartoo, the French online shoe retail mainstay was founded in 2006 and is now targeting the stock market. After the Autorité des Marchés Financiers (AMF) approved the registration of the documents on Monday, CEO Boris Saragaglia issued a statement. He said that as soon as all the procedural steps are completed, the group plans to be listed on the Euronext Growth segment in Paris by August.
The company's current goal is to raise €30 million, CEO Boris Saragaglia said, while the AMF approved the registration documents on Monday. Indeed, the e-commerce company last raised funds in 2012.
Since then, the company, which is 25% owned by its founders and employees and 75% by funds, has only operated on its own. It has not experienced huge growth like Zalando or Asos, and is not in the same category for that matter.
As a result, Spartoo is looking for new funding from the stock market. The online shoe retailer revealed on Monday 7 June that it has filed a dossier with the French financial markets authority (AMF). Its CEO and co-founder, Boris Saragaglia, believes that the listing of 30% of the company's capital could give him the opportunity to raise 30 million euros.
Saragaglia explained that Spartoo can be listed on Euronext Growth by mid-July. The operation will then be used to finance its first steps in new markets. This is particularly the case for the sale of small decorations such as lamps, cushions, and others.
Thus, the manager will resume the growth strategy in 2021, which, according to him, had pushed him to recover the André store network at Vivarte in 2018. According to the mediation agreement registered in the Paris court on June 29, 2018, the Vivarte group contributed 17.3 million euros to André.
Later in April 2020, Spartoo requested that André be placed in receivership. The CEO has already faced the issue of the refusal of shareholders to bail out this subsidiary, which recorded a net loss of 20 million euros in 2019. However, the company was eventually bought out in part by its former CEO François Feijoo.
A year on, Mr Saragaglia urged looking to the future. He said difficulties should not get in the way of the long-term vision. Spartoo cashed in on sales of €134 million in 2020, up 10%, compared to 2019, and a gross margin of about €6.5 million.
Although the crisis has swept the fashion industry, Saragalia said that from 2022, Spartoo will be able to regain its momentum.
However, the listing project was carried out after a partial change in the group's shareholding, 75% of which is held by funds. Two of these funds have already reviewed their positions. This is the case of: A Plus Finance, which has sold 80% of its shares, and CM-CIC Capital, which has withdrawn and turned to two other French funds, including LBO France.