One of the foremost fashion houses in the world and the pride of Italy, Prada, as per reports is now all set to see its shares being listed on the prestigious Hong Kong Stock Exchange (HKSE) as the fashion behemoth reaches near to its goal of a $2 billion initial public offering. This monumental step for the Italian fashion brand came after a high level meeting with the Hong Kong Stock Exchange’s listing committee. Prada, a name cherished all over the globe for gorgeous dresses, Prada handbags and men’s shoes has been vying to get its name on the HKSE to ensure its enhanced exposure as a listed and growing Italian luxury goods brand. Hong Kong Stock Exchange in the recent years has been lifted to quite a prestigious status, because of which numerous international luxury brands such as the likes of Samsonite, Coach and L’Occitane have come to the HKSE and with the Prada being listed in the HKSE, it would become the first ever for an Italian company’s IPO being presented on Hong Kong Stock Exchange.
The scope and enticement of reaching one of the biggest luxury markets in the world, China, has led Prada’s continued efforts to be listed at the HKSE and the fashion house even posted its encouraging earnings for the year 2010 at $749 million excluding the interest, tax, depreciation and amortization values. China in the recent years has become a hotbed for international luxury brands spanning numerous products and services as the consumers are more and more swaying towards the luxury industry, with a long list of luxury brands popping up in the Chinese markets including Tiffany & Co., Hermes, Louis Vuitton etc. In a recent report on the sudden boom in Chinese economy, it has been estimated that China will account for more than 20% of the global luxury market by the year 2015 with an estimated net sales of a whopping $27 billion.
Via Reuters
