The Italian luxury brand Prada is considering raising a billion dollars from a second offering on the Milan Stock Exchange, and is working with Goldman Sachs on the preliminary preparations, according to a report in the Bloomberg news agency.
According to people familiar with the matter, the offering will most likely be launched next year and the company is interested in raising new capital through the sale of new shares in Milan. A second offering in Europe will help the company, traded in Hong Kong, to expand the pool of investors, as there are funds that can only inject capital into shares in Europe or the US.
Prada chairman Paolo Zannoni said last month that an IPO in Milan is a possibility, but not the company’s priority. He also added that no decision has been made on the issue. According to the report, Miuccia Prada, who heads the fashion house together with her husband Patricio Bartelli, does not intend to reduce their holding even if it is decided on a second offering. They own 80% of the company.
Bloomberg noted that Prada, together with the advisors, are examining the complexities associated with the first double IPO in Hong Kong and Milan, so no decision has yet been made on the timing or size.
No comment was received from Prada and Goldman Sachs.