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Company News

Fashionette shares open 6.5% below issue price in market debut

FRANKFURT, Oct 29 (Reuters) - Shares in German online retailer Fashionette started trading at 29 euros, 6.5% below their issue price, in their Frankfurt market debut on Thursday.

On Tuesday, the bags, shoes and accessories firm had set the issue price for its shares at 31 euros, collecting 112 million euros ($132.37 million) for acquisitions, expansions and pay-out to investment firm Genui, which reduced its holding to 37%.

The new entrant found the market in coronavirus mode as Germany announced further distancing measures affecting commercial activity.

$1 = 0.8461 euros $1 = 0.8461 euros Reporting by Vera Eckert; Editing by Maria Sheahan

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