之禾IPO传闻再起：从“中国版Max Mara”到全球奢侈品牌的资本大考

Core Viewpoint - The Chinese high-end women's clothing brand ICICLE's parent company, ICCF Group, is reportedly preparing for an IPO, considering options for listing in Hong Kong or Paris, and possibly a dual listing in Hong Kong and London. This marks the second time the company has been linked to IPO rumors, with previous speculation occurring two years ago without confirmation [1][2]. Group 1: Company Performance and Growth - ICCF Group's business is reported to be stable, with an estimated valuation around €1 billion and sales reaching several hundred million euros last year. The company's sales figures have shown significant growth, with sales exceeding ¥1.5 billion in 2016 and surpassing ¥3 billion in 2021. Although growth faced challenges in early 2024, a recovery is anticipated in the latter half of the year [1][2][4]. - The company has experienced continuous growth of over 15% for eight consecutive months starting from October 2024, indicating that promotional strategies have not compromised brand integrity [2]. Group 2: Strategic Developments - The brand's journey began in 1997, focusing on providing comfortable and eco-friendly clothing, which laid the foundation for its high-end positioning. In 2013, the company shifted from a manufacturing-driven model to a dual focus on design and manufacturing, establishing a creative center in Paris and acquiring a factory known for producing high-quality garments [4][5]. - In 2018, ICCF Group acquired the French brand Carven for €4.2 million, which is seen as a strategic move to penetrate the European market. The group operates under a dual-center model with offices in both Paris and Shanghai [5]. Group 3: Market Position and Challenges - The company's valuation narrative is supported by its unique position as a "Chinese version of Max Mara," having achieved significant milestones in craftsmanship, design, brand acquisition, and international recognition. ICCF Group owns a 90,000 square meter manufacturing facility in Shanghai, which is considered a strategic asset for future branding [7]. - However, over 90% of ICCF Group's business remains concentrated in China, contrasting with international brands that typically derive 25% to 30% of their revenue from the Chinese market. This heavy reliance on the domestic market may limit the company's valuation potential in international markets [8]. - The integration of Carven has not yet yielded significant financial returns, with reports of price cuts and store closures in China. The success of the IPO will depend on the company's ability to transition from a China-rooted brand to one accepted by global consumers [9].