Cristian Scoccha to head Illycafe ahead of the potential IPO plan
Cristina Scocchia will be Illycaffe’s next Chief Executive at the start of next year to prepare the Italian coffee giant for potential IPO. Mrs. Scocchia is current head of cosmetic company, Kiko. She will replace Massimiliano Pogliani, who five years ago became the first non-family member to take charge of the group. The company is run by the famous family members who manage and own group for generations.
Under Massimiliano Pogliani’s leadership, Illycaffe completed the sale of a 20% stake to private equity firm Rhone Capital last February, opening up its capital to an external investor for the first time in its 88-year history.
Coffee giant, based in the northeastern city of Trieste, could consider a bourse listing with firm tight family control not to relinquish the majority stake.
"For the new growth cycle that will start in 2022 and in view of a future listing, we have chosen Cristina Scocchia, a manager recognised for her talent in developing brands with high aesthetic and experiential content," company Chairman Andrea Illy said in his statement.
Scocchia has been on Illycaffe's board since 2019 and is also a board director for glasses group EssilorLuxottica (ESLX.PA).
Illycaffe, which produces a blend made of nine varieties of arabica beans, was established by Andrea Illy's grandfather Francesco and was 100%-owned by the family's Illy Group holding company until February.
Andrea Illy told Reuters in February the coffee maker, based in the northeastern city of Trieste, could consider a bourse listing in the coming years, adding his family did not want to relinquish control even in the event of a stock market debut.