Arab Today, arab today prada eyes asia growth with 3 bn hong kong ipo
Last Updated : GMT 14:19:58
Arab Today, arab today
Arab Today, arab today

Prada eyes Asia growth with $3 bn Hong Kong IPO

Arab Today, arab today

Arab Today, arab today Prada eyes Asia growth with $3 bn Hong Kong IPO

Hong Kong - AFP

Italian luxury fashion house Prada said on Sunday it was targeting stronger Asian growth as it aims to raise as much as US$3 billion from a highly anticipated share sale in Hong Kong this month. The family-owned fashion giant, known for its high-end leather handbags and footwear, is planning to sell 423.28 million shares at a price range of HK$36.50-HK$48.0 (US$4.70-6.20) each, with trading slated to start on June 24. The Milan-based firm has an option to sell an additional 63.49 million shares, or 15 percent of the offering, if the shares are oversubscribed which will enable it to raise up to $3.0 billion. The company will launch its public offering on Monday. \"I am confident we made the right decision,\" its chief executive Patrizio Bertelli told a news conference in Hong Kong via videolink from Milan, describing Asian fashion sense as \"far more contemporary\" and \"younger\". \"We will be the first luxury brand to go public on the Hong Kong stock exchange. In fact we will be the first Italian company to go public on the Hong Kong stock exchange,\" he said through an interpreter. Prada\'s confidence came as company executives said they were planning to open 80 new stores worldwide annually for the next three years, including 10 to 12 additional shops per year for its fast-growing Chinese market. Prada and its bankers said they were optimistic and expect investors to remain \"enthusiastic\" with the Hong Kong offering, despite a recent slump in world stock markets. The fashion house, which includes the Prada, Miu Miu, Church\'s and Car Shoe brands and is 95 percent owned by the Prada family and executives, is the latest high-end fashion brand to tap the huge Chinese market. Listings from high-end retailers such as US handbag maker Coach and luggage maker Samsonite are seen as a sign of Asia\'s growing appetite for designer goods, especially among cash-rich Chinese mainlanders. China is the world\'s fastest-growing market for luxury goods. 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. Prada plans to use proceeds from the Hong Kong IPO to expand its sales network, increase floor space, repay bank loans and supplement working capital. The fashion powerhouse currently has stores in more than 70 countries, with 319 shops in total about a third of them in Asia.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today prada eyes asia growth with 3 bn hong kong ipo Arab Today, arab today prada eyes asia growth with 3 bn hong kong ipo

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares

GMT 16:50 2017 Wednesday ,22 February

Yahoo salvages Verizon deal

GMT 15:47 2017 Wednesday ,22 February

Airbus faces challenges as it enters new era

GMT 11:47 2017 Wednesday ,22 February

Toshiba skyrockets over 22% on chip unit sale hopes

GMT 11:31 2017 Wednesday ,22 February

Bayer says Monsanto deal on track, eyes record 2017
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday