Prada seeks $1 billion valuation in Milan listing

ROME: Italian luxury group Prada SPA is considering se e king a t le a st $1 billion from a se cond listing in Mila n a nd is working with Goldma n Sa ch s Group Inc on e a rly preparations, Bloomberg News reported on Friday.

The offering would likely take place next year with the company looking to raise funds by selling new shares in Milan, the report said, citing people familiar with the mater.

A dual listing in Europe would help the Hong Kong-listed luxury group widen its investor base as some funds can only put money into European or US stocks.

Pra da ’s Ch a irma n Pa olo Za nnoni sa id la st month a secondary listing in Milan is a possibility but not a priority for Prada, adding that no decision had been taken on the issue.

Co-chief Executive Officer Miuccia Prada and her husband, Italian businessman Patrizio Bertelli, are unlikely to cut their stake in any deal, the report said. They have an 80% stake in the company.

The report added that Prada and its advisers are working through the complexities of atempting the first Hong Kong-milan dual listing and no final decisions on timing or size have been taken.

Prada and Goldman Sachs did not immediately respond to requests for comment from Reuters.

Prada Group’s first-half sales rose 22 per cent led bygainsineurope andincreaseddemandforyouthfocusedmiumiucompensatingforlockdownsinchina and Russian sanctions, the company said recently.

Revenues rose to 1.9 billion euro in the first half of the year ending 30 June 2022, compared with the same period in 2021 — up 8 per cent on the pre-pandemic first half of 2019, Prada announced today in a statement.