Finally, one of the biggest fashion luxury labels in the world will start it’s tour for world domination.
Prada will be going public, following its record breaking year in sales. 2010 offered net profits that were up 150 percent. Sales were up 31.1 percent to $2.75 billion thanks to gains in all geographical markets, according to reports from WWD. Prada got the officially word that the brand will be able to list on the Hong Kong Stock Exchange, which has been reported will take place on either June 23 or 24.
Prada will reportedly sell a 20 percent stake in the company, which includes the eponymous brand as well as Miu Miu and Church’s. Prada is currently owned by Miuccia Prada and her family members by 95 percent.
Company officials will kick off a pre-marketing campaign on June 6, and are expected to raise up to $2 billion before the initial public offering.
-Taneisha Jordan
Source: WSJ
Photo: lilith-ezine.com
