Giglio.com: Italy-Based, Much Smaller “Farfetch”, But Better and Cheaper

Massimo Fuggetta of Bayes Investments presented his investment thesis on Giglio.com (Italy: G.COM) at European Investing Summit 2021.

Thesis summary:

Giglio.com is a global marketplace for luxury products for multi-brand boutiques. It also offers e-concessions for luxury brands.

The business model is similar to UK-based, US-quoted Farfetch, but has several distinguishing features.

A recent IPO on the Milan Stock Exchange, the company is much smaller and growing faster than Farfetch, while trading at a large discount to the larger peer.

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About the instructor:

Massimo Fuggetta is the founder, Chairman and Chief Investment Officer of Bayes Investments.

Massimo started his investment management career in 1988 at JP Morgan Investment Management in London, where he rose to become Head of the Global Balanced Group, with responsibility for international balanced portfolios. In 1999 he left JPMIM to become Chief Investment Officer, Director General and then CEO at Sanpaolo IMI Asset Management in Milan. He left the company in 2001 to start Horatius, an investment advisory company incorporated in 2004, which in 2007 became an asset management company. He left Horatius in 2012 to go back to London, where in 2014 he founded Bayes Investments.

Massimo holds a Doctorate (DPhil, 1991) and Master’s Degree (MPhil, 1987) in Economics from the University of Oxford. He graduated in Economics at LUISS, Rome in 1984. He taught Behavioural Finance in the Master in Economics course at Bocconi University in Milan in 2000-2002 and in the same period served in the Editorial Board of the Financial Analysts Journal.

In 2012 Massimo started the Bayes blog, which has acquired popularity in the Value Investing community.

Read Massimo’s recent article on reinventing and reinvigorating value investing.