UPDATED: Valentino Eyes IPO in 2017 After Revenue Exceeds $1 Billion

Italian fashion house Valentino is considering selling shares in an initial public offering as early as next year after nearly doubling profit on revenue of more than $1 billion in 2015, according to Bloomberg. An IPO is “still a project” and could happen in 2017, Chief Executive Officer Stefano Sassi said in an interview on Monday during Paris fashion week. He ruled out listing sooner because of recent market declines that have wiped billions off the value of luxury stocks.

Valentino’s Qatari owner is said to be working with Rothschild to explore options including an IPO of the maker of $3,000 handbags. Mayhoola For Investments SPC, which bought the company from Permira Advisers in 2012, may try to sell a 25 percent to 35 percent stake at a price that would value the entire company at as much as 2 billion euros ($2.2 billion) or nearly three times what it paid, the people said.

UPDATED (December 20, 2017): Italian fashion house Valentino aims to sell around a quarter of the company in an initial public offering which will not take place before the second half of 2018, a source close to the matter told Reuters. Valentino will list on the Milan bourse’s main market, the MTA, which requires at least 25 percent of a company’s capital to be floated.