HONG KONG - Italian fashion house Prada SpA provides to increase to $ 2.6 billion in a list on the stock exchange of Hong Kong, according to a person familiar with the deal, joining other tributary foreign companies on China's rising fortunes.
Prada plans to sell some 423.3 million shares in the range from 36.50 to 48 Hong Kong dollars, according to the person, who spoke condition of anonymity because they were not allowed to comment officially.
If the shares are sold in the upper part of the indicative price range, Prada would raise HK 20.3 billion ($2.6 billion). The price will be finalized on June 17, and the shares will begin trading on June 24, the person said.
The company was founded in 1913 in Milan by Mario Prada and began the manufacture of leather, trunks and Crystal bags, but his modern designs have helped become a symbol of haute couture. He now holds trademarks Miu Miu, the Church and footwear of the car.
Private enterprise, with the President Miuccia Prada and Patrizio Bertelli CEO each 33.2% owner. Miuccia Prada brother Alberto Prada and sister Marina Prada each own 14.2%. Their issues is held by a holding company. The remaining 5.1% is owned by the Italian bank Intesa Sanpaolo.
Prada is the latest in a string of businesses which are public in Hong Kong, attracted by the rise of the economy of its neighbour mass of China is hitting the millionaires and billionaires at a rapid clip. Hong Kong is a Chinese territory but has its own currency and the legal system.
According to The Hurun Report, Chinese version of the Forbes rich list, the number of people with a value of at least 10 million Yuan ($1.5 million) increased by approximately 10% of 960 000 people by 2011.
Newly rich from China spend their money on a wide range of luxury products, including designer clothing, flashy cars, and expensive apartments. Chantiers naval and aircraft officials predict that rich Chinese will propel sales of superyachts and jets private, while Chinese collectors have helped to turn Hong Kong into the third largest auction Centre of the world.
In a prelisting document filed with the stock exchange of Hong Kong, said Prada is waiting for Asia region the most rapid growth of the industry of luxury and China for the growth of the market. Over the next five years, China will become the third largest market for sales of luxury in the world, according to market research.
China's strong economic growth, increased urbanization and increased spending by the wealthy will result in annual growth of sales 15 to 20 percent in the market of luxury now until 2014, the company forecast.
Prada plans to open 70 stores in Asia by 2014, with 30 of those in China. It will also open 30 that Miu Miu stores in Asia during the same time, adding to 25 currently.
"We believe further growth is possible by the continued growth of the Chinese economy, which allows to continue our penetration in Chinese cities," said the document.
Asia represents a third euros approximately of Prada $ 2 billion ($2.9 billion) in sales for the year ending January 31, second only in Europe, who had 42 percent.
Prada is a parade of fashion and presentation for investors Tuesday night in Hong Kong that she prepares for the initial public offering.
The company also seeks to develop in the Middle East, South America and Eastern Europe, according to the document from.
Prada had discussed going public in the past, but the move was delayed after the global financial crisis 2008 sent markets tumbling.
Swiss products trader Glencore and manufacturer of Samsonite suitcases were also listed in Hong Kong this year. Luxury coach handbag manufacturer provides a list in Hong Kong more later this year to raise awareness of its brand in Asia.
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