Prada eyes Hong Kong stock market for first public listingJanuary 28th, 2011 - 12:09 pm ICT by IANS
Milan, Jan 28 (IANS/AKI) Leading Italian fashion house Prada said Thursday it had chosen the Hong Kong bourse to make an initial public offering. The Intesa Sanpaolo, Credit Agricole and Goldman Sachs banks have been chosen to handle the operation, Prada said. The move is a sign of Asia’s growing demand for designer goods and may take place in June or July.
“Our strategy of global expansion and rigorous cost control has produced a significant growth in income and profitability, further bolstering our top position in the luxury goods market,” said Prada’s chief executive Patrizio Bertelli.
“Confident in the development of the group, we can now face the coming challenges with serenity and seize the best opportunities offered by the international capital markets.”
China is the world’s fastest-growing market for luxury goods, and if successful, an
offering would make Prada the only European luxury group and the only Italian company to list in Hong Kong.
The IPO could value the company at over six billion euros and allow it to cash in on high market ratings for luxury goods stocks.
The Prada group’s net profits tripled to 156 million euros ($211 million) in the first nine months of 2010, thanks in particular to its growing sales in Asia.
It is forecast to be the world’s top buyer of products such as cosmetics, handbags, watches, shoes and clothes by 2015, according to consultancy PriceWaterhouseCoopers.
The group, which includes the Prada, Miu Miu, Church’s and Car Shoe brands is 95 percent controlled by the Prada family and executives.
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