ID :
188011
Sun, 06/12/2011 - 17:07
Auther :
Shortlink :
https://oananews.org//node/188011
The shortlink copeid
Prada decides to go public in HK on Asian market growth
HONG KONG (Yonhap) - Italian luxury label Prada S.p.A. said Sunday that it is set to go public on the Hong Kong bourse this month, driven by the robust growth in the Asian market.
Prada's 423.3 million shares will debut on June 24 at an expected range between HK$36.5 (US$4.70) and $48 per share, the company said. The shares will be priced this Friday.
"Our decision to go public in Hong Kong shows our interest and our perception of Asia," Patrizio Bertelli, chief executive officer of Prada, said in a press conference held in Hong Kong. He was in Milan with other senior executives and attended the conference via video link.
The luxury fashion brand said 43 percent of its sales came from Asia last year, including Japan with 11 percent. Europe and North America made up 22.3 percent and 14.6 percent, respectively.
Sales in Asia grew 63 percent to 645.7 million euros (US$926.4 million) in 2010 from 396.1 million euros in the previous year.
While the growth in sales in Asia was mainly driven by the label's performance in China, Hong Kong and Macau, an increase in sales in South Korea also contributed to the strong growth, company officials said.
During the Sunday conference, Prada executives put much emphasis on the Asian region, indicating that it has strong potential for luxury business.
"(Asian) cities in general are much younger than we (European cities) are," Bertelli said.
"We believe that this is where younger styles are coming out. I wouldn't really focus on Europe as a source of inspiration for fashion today. Asian markets are far more contemporary than us."
Prada will be the first Western luxury brand to be listed on the Hong Kong Stock Exchange.
Prada's 423.3 million shares will debut on June 24 at an expected range between HK$36.5 (US$4.70) and $48 per share, the company said. The shares will be priced this Friday.
"Our decision to go public in Hong Kong shows our interest and our perception of Asia," Patrizio Bertelli, chief executive officer of Prada, said in a press conference held in Hong Kong. He was in Milan with other senior executives and attended the conference via video link.
The luxury fashion brand said 43 percent of its sales came from Asia last year, including Japan with 11 percent. Europe and North America made up 22.3 percent and 14.6 percent, respectively.
Sales in Asia grew 63 percent to 645.7 million euros (US$926.4 million) in 2010 from 396.1 million euros in the previous year.
While the growth in sales in Asia was mainly driven by the label's performance in China, Hong Kong and Macau, an increase in sales in South Korea also contributed to the strong growth, company officials said.
During the Sunday conference, Prada executives put much emphasis on the Asian region, indicating that it has strong potential for luxury business.
"(Asian) cities in general are much younger than we (European cities) are," Bertelli said.
"We believe that this is where younger styles are coming out. I wouldn't really focus on Europe as a source of inspiration for fashion today. Asian markets are far more contemporary than us."
Prada will be the first Western luxury brand to be listed on the Hong Kong Stock Exchange.
