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The owners of Chinese luxury retailer Icicle are exploring a stock market listing, as the cashmere specialist looks to expand beyond its home country and capitalise on growing interest in non-western labels.
The Shanghai-founded brand, known for its minimalist look and natural textiles, is considering an initial public offering of its parent company ICCF in either Hong Kong or Paris, according to four people with knowledge of the situation. No advisers have yet been appointed, the people said.
The brand could be worth about €1bn in a sale, one investor estimated. A listing this year is unlikely because of a backlog of applications already sitting with the Chinese securities regulator, according to another person familiar with the matter.
Homegrown luxury brands have been gaining market share in China as they start to compete more fiercely with western incumbents. Shares in domestic jewellery brand Laopu Gold have soared since its 2024 listing, with its designs, which incorporate Chinese heritage, proving a hit with local consumers.
Founded in 1997 in Shanghai, Icicle has 240 stores in almost 140 cities in China and began expanding internationally in France a decade ago. It bought French fashion brand Carven out of bankruptcy in 2018, which together with Icicle’s manufacturing and logistics facilities in China make up the ICCF group. It also has a store in Dublin.
“Icicle is delivering strong performance. In line with the long-term strategy set out by its founders, the company regularly considers all possible strategic options and growth opportunities that support its future development,” the company told the FT.
One investor aware of Icicle’s plans said the idea of a listing had been circulating over the past six months but that in their view the company needed to build on its record. “I think it needs to wait out its results a bit more,” they said.
Icicle’s parent group ICCF does not list any external shareholders on its registries and is controlled by its founders Ye Shouzeng and Shawna Tao. Analysts estimate that Icicle, which is private and does not disclose any financial information, had revenues of a few hundred million euros last year.
Spending on luxury brands by China’s wealthy supported the sector’s growth for more than a decade. But an economic slowdown and slumping consumer confidence have hit spending on high-priced goods in recent years, leaving the global luxury sector more reliant on the buoyant US market for its recovery.
Large luxury groups including LVMH and Richemont have pointed to early signs that the Chinese market is stabilising. But many international brands that expanded their retail footprint rapidly to second- and third-tier cities during the boom years have pulled back to focus on core locations.