Patrizio Bertelli is planning to list the family company - again. Chief executive of the Milan-based fashion group Prada announced in January that he wants to exploit its name in Asia where it sells a sizable chunk of its brands.
In a statement, he said: “Confident in the development of the group, we can now face the coming challenges with serenity and seize the best opportunities offered by the international capital markets.” Nevertheless, there is some scepticism about Prada’s intentions as it has cancelled plans for an IPO three times before. But all previous plans were for a listing in Milan, whereas the latest is the first time Bartelli has favoured Hong Kong.
If the listing goes ahead, Prada would become the first Italian company to be listed in Asia. Other luxury brands might follow. It’s not sure how much the IPO will dilute the family ownership. Bertelli, his wife Miuccia Prada and siblings own 95% of the business.