Prada seeks at least $1bn in second Milan listing

Italian luxury fashion house looks to diversify its investor base away from Hong Kong

Italian brand Prada, maker of luxury clothing, fragrances and accessories, is planning a new listing in Milan. Reuters
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Prada is considering seeking at least $1 billion from a second listing in Milan, as the Italian fashion house looks to diversify its investor base away from Hong Kong.

The Milanese maker of luxury clothing, fragrances and accessories is working with Goldman Sachs on preliminary preparations for a potential offering, according to sources. A listing would probably take place next year, they said.

Prada raised $2.1bn in 2011 by listing a 20 per cent stake in Hong Kong, at a time when large luxury brands were flocking to the Asian market to cater to their largest customer base.

The company, which has a market value of HK$115.7bn ($14.8bn), is looking to raise funds by selling new shares in Milan, sources said.

A vehicle backed by co-chief executive Miuccia Prada and her husband, Italian businessman Patrizio Bertelli, holds 80 per cent of the fashion company. They are unlikely to cut their stake in any deal, the sources said.

Prada and its advisers are working through the complexities of attempting the first Hong Kong-Milan dual listing and no final decisions on size or timing have been taken, the sources said.

Prada’s chairman Paolo Zannoni said in July that while a dual listing in Milan had always been an option for the company, it was not a priority.

Representatives for Prada and Goldman Sachs declined to comment.

Updated: August 13, 2022, 4:27 AM