Arab Today, arab today prada eyes asia growth with 3 bn hong kong ipo
Last Updated : GMT 08:53:10
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.

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