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    1925   JP3505000004

DAIWA HOUSE INDUSTRY CO., LTD.

(1925)
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With an eye on the stock market, Italy's Illycaffe picks new CEO

11/15/2021 | 10:16am EST
FILE PHOTO: The logo of Italian illy coffee is seen in Paris

MILAN (Reuters) - Illycaffe has chosen Cristina Scocchia, current boss of cosmetic company Kiko, to become chief executive at the start of next year as the Italian premium coffee maker gears up for a potential stock market listing.

The company controlled by the Illy family said that Scocchia would in January succeed current CEO Massimiliano Pogliani, who five years ago became the first non-family member to take charge of the group.

Under his leadership, Illycaffe completed the sale of a 20% stake to private equity firm Rhone Capital last February, opening up its capital to an external investor for the first time in its 88-year history.

"For the new growth cycle that will start in 2022 and in view of a future listing, we have chosen Cristina Scocchia, a manager recognised for her talent in developing brands with high aesthetic and experiential content," company Chairman Andrea Illy said.

Scocchia has been on Illycaffe's board since 2019 and is also a board director for glasses group EssilorLuxottica.

Illycaffe, which produces a blend made of nine varieties of arabica beans, was established by Andrea Illy's grandfather Francesco and was 100%-owned by the family's Illy Group holding company until February.

Andrea Illy told Reuters in February the coffee maker, based in the northeastern city of Trieste, could consider a bourse listing in the coming years, adding his family did not want to relinquish control even in the event of a stock market debut.

(Reporting by Francesca Landini; Editing by Keith Weir)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DAIWA HOUSE INDUSTRY CO., LTD. 0.06% 3321 Delayed Quote.0.33%
ESSILORLUXOTTICA -1.72% 173.6 Real-time Quote.-5.66%
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Financials
Sales 2022 4 383 B 38 561 M 38 561 M
Net income 2022 231 B 2 032 M 2 032 M
Net Debt 2022 945 B 8 311 M 8 311 M
P/E ratio 2022 9,40x
Yield 2022 3,81%
Capitalization 2 177 B 19 131 M 19 150 M
EV / Sales 2022 0,71x
EV / Sales 2023 0,71x
Nbr of Employees 48 807
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Number of Analysts 9
Last Close Price 3 321,00 JPY
Average target price 3 755,56 JPY
Spread / Average Target 13,1%
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Managers and Directors
Keiichi Yoshii President, CEO & Representative Director
Takeshi Kousokabe Executive Officer
Takeo Higuchi Director
Yoshiyuki Murata Director, VP & Senior GM-Technology
Masaki Kawaguchi Manager-Information Systems