(Finance) – Prada would be considering raising at least $ 1 billion through one second listing on the Milan Stock Exchange. The Italian luxury group has in fact been listed on the Hong Kong Stock Exchange since 2011, with the choice of the Asian financial center that was made to have exposure to a rapidly growing luxury and capital market. Now the Italian fashion house would be looking to diversify its investor base and would be working with Goldman Sachs to prepare a potential offer, according to Bloomberg.
Should the project go through, the second listing would take place probably next year, sources familiar with the matter said. Prada and the advisor are working to resolve all the complexities of the transaction and no final decisions have been made on the size or timing of the transaction. There is no precedent for a dual listing in Hong Kong and Milan and the president of Prada himself said in July that “today we are unable to say if it would be possible and how long it would take”.
On the occasion of the six-monthly report, Paolo Zannoni had in fact addressed the issue and stated that the double listing Hong Kong-Milan it had always been an option but not a priority for the luxury group, adding that no decision had been made on the matter.
Prada closed 2021 with revenues equal to 3,366 million euros, up 41% towards 2020 and 8% towards 2019, and a Net income of 294 million euros. The first half of 2022 ended with revenues of € 1.9 billion, an increase of 22% compared to the first half of 2021.