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Stocks rise in Ferragamo debut
Shares in the Italian luxury shoemaker Salvatore Ferragamo rose in their first day of trading yesterday, defying expectations for a muted debut. The Florence-based maker of shoes worn by Hollywood stars, such as Audrey Hepburn and Marilyn Monroe, closed last night 10.56 per cent up at €9.95 (£8.90) per share. The firm was the first company to successfully float on the Milan bourse this year, following the initial public offering. “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.