North Perth fashion designer Aurelio (Ray) Costarella has unveiled a $2.2 million float to fund the promotion of his labels in the US, Europe and Asia through a company chaired by Patti Chong.
Combining labels Aurelio Costarella and Aurelio Costarella Couture under the banner of Costarella Design Ltd, the company will issue 11.2 million shares at 20c each. It has also said that oversubscriptions of up to 5 million shares at 20c each to raise an additional $1 million may be accepted.
The company's primary aim is to build brand awareness and sales in the US market, though it also plans to put some funds raised towards expanding the Costarella labels into the area of fragrances, a skin/body and personal care line, cosmetics and leathergoods.
Costarella Design views these as a natural progression into an area with strong profit margins and a recurring revenue stream.
Former senior state prosecutor Patti Chong has been appointed company chair, with Mr Costarella working as managing director.They are joined on the board by Neptune Marine Services Ltd director Cathryn Curtin and Resonance Health founder Sam Di-Giacomo as non-executive directors.
The company has appointed Stantons International as auditor for the deal, with Stanton Partners Corporate Pty Ltd acting as investigating accountant. Maiden Capital are managers to the issue.
The offer will open on October 30 and close on December 6.
