The Italian fashion house, listed in Hong Kong, plans to expand its investor base via a second listing.
The Prada luxury group is considering a secondary listing in Europe, in addition to its listing on the Hong Kong stock exchange, explaining that Asia remains a vital source of sales for the company.
Patrizio Bertelli, who with his wife Miuccia Prada built the Milan-based company into a global giant, explained that a listing in Milan would be “in line with the group’s heritage.” “There are many companies that are listed in two jurisdictions,” he commented to the Financial Times, adding, “Obviously we are not looking to leave Hong Kong – Asia is an extremely important market for our group.”
He also reiterated the family’s long-term commitment to the company, saying they want to maintain the 80 percent stake they currently hold through Prada Holding SpA.
In June 2011, Prada raised $2.1 billion when it listed a 20% stake in Hong Kong. At the time, Italian luxury brands were enjoying a boom in Asia, and Prada hoped that a Hong Kong listing would allow it to capitalize on that popularity.
Today, bankers and analysts believe a dual listing would boost growth by diversifying the investor base. But the group and its advisers are exploring several options, and there is no guarantee that the Milan listing will happen at this time. There is currently no dual listing between Hong Kong and Milan and there are significant technical questions, including how shares would be traded between the two markets.
Prada revealed its half-year results on Thursday, posting net sales of 1.9 billion euros, up 22 percent from a year earlier. Retail sales rose 26 percent over the same period to €1.7 billion, a 38 percent improvement over 2019.
The group’s sales fell 7% in Asia Pacific in the first half of the year, but the region still remains its largest source of revenue. Retail sales for the first half of the year reached €590 million.
All other markets, including Japan, showed continued growth. Retail sales in Europe rose 89 percent to 486 million euros compared with the first half of last year, driven by domestic sales and an increase in tourism. Sales in North America rose 41 percent to 360 million euros in the first half of the year, up 116 percent from pre-pandemic levels.
Featured photo : © Prada
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Passionnée depuis son plus jeune âge par l’art et la mode, Hélène s’oriente vers une école de stylisme, l’Atelier Chardon-Savard à Paris, avec une option Communication. Afin d’ajouter des cordes à son arc, elle décide de compléter sa formation par un MBA en Management du Luxe et Marketing Expérientiel à l’Institut Supérieur de Gestion à Paris dont elle sort diplômée en 2020. Elle a notamment écrit des articles lifestyle et beauté pour le magazine Do it in Paris et se spécialise en rédaction d’articles concernant le luxe, l’art et la mode au sein du magazine Luxus Plus.********** [EN] Passionate about art and fashion from a young age, Hélène went to a fashion design school, Atelier Chardon-Savard in Paris, with a Communication option. In order to add more strings to her bow, she decided to complete her education with an MBA in Luxury Management and Experiential Marketing at the Institut Supérieur de Gestion in Paris from which she graduated in 2020. She has written lifestyle and beauty articles for Do it in Paris magazine and specializes in writing articles about luxury, art and fashion for Luxus Plus magazine.