For my street smart fashion addicts. It could be time to think about investing. The Fashion house Prada has applied for a Hong Kong initial public offering which could value the Italian firm at around 8 billion euros ($11 billion) and allow it to draw Asian investors.
The fashion house, known for its cutting-edge Prada bags and colorful Miu Miu dresses, filed on Wednesday an A1 application form with the Hong Kong stock exchange with the aim of floating this summer.
The Asia and Pacific region is Prada's fastest-growing market. The fashion house, run by Patrizio Bertelli and his wife and designer Miuccia Prada, has about a third of its 326 directly operated stores in the region.
Prada, which also owns the Car Shoe footwear brand, could raise at least 1.6 billion euros from the sale of about 20 percent of its shares, two other sources close to the issue said on Wednesday.
If successful, the much-awaited IPO would make Prada the first Italian company to list in Hong Kong and the biggest European fashion brand to float in more than a decade.
Prada has not given a time frame for the share offering. It has put on hold its plans to come to the market at least three times over the last decade because of market turbulence.
Another source close to the operation said IPO could take place in early July.
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