Fiera Milano drops as design fair in jeopardy
23/04/2021 11:10
** Shares in Italy's fair operator Fiera Milano FIMI.MI are down over 8% on fears that the upcoming edition of the Salone del Mobile design fair could be at risk following the resignation of its chairman ** The fair, which takes place in Milan and attracts on average more than 370,000 visitors every year, was cancelled last year because of the coronavirus outbreak urn:newsml:reuters.com:*:nS8N2B20A0 ** The exhibition- now scheduled for September - accounts for around 30 million euros of Fiera Milano's 2021 projected sales, Italian broker Equita writes ** "If the 2021 edition is cancelled, the company guidance of a 35-45 million euros 2021 Ebitda can no longer be reached, while we don't see any impact on the 2022-23 estimates," the broker adds ** Several Italian newspapers reported on Friday that Claudio Luti, Chairman of the Salone del Mobile, resigned after big Italian furniture companies said they would pull out of the event as they feared low attendance due to COVID-19 travel restrictions ** The stock is the top loser on Milan's all-share index .FTITLMS , with shares down 8.5% at 3.68 euros at 1000 GMT (Reporting by Giancarlo Navach; editing by Giulia Segreti) ((giancarlo.navach@thomsonreuters.com; +39 0266129518))