The Wall Street Journal-20080117-Prada Will List Its Shares in June
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ROME -- Prada SpA's initial public offering of stock is scheduled for June, according to a person familiar with the matter, despite signs U.S. economic turmoil is spreading to Europe's luxury-goods sector.
"The current timetable has the listing set in the second half of June," the person said. The IPO is one of the most anticipated in the global fashion industry.
Prada, 95%-owned by designer Miuccia Prada and her husband, Prada Chief Executive Patrizio Bertelli, said last month that market conditions would be a factor in the IPO's timing, but that it aimed to list its shares in 2008. A Prada representative declined to comment futher.
In the past, Prada has backed away from listing its shares. Observers say the company is more prepared this time, having paid off its debts and strengthened its management team.
Prada opened its capital to outside investors a year ago, selling a 5% stake to Italian bank Intesa Sanpaolo SpA for 100 million euros ($148.3 million). Revenue for 2006 was 1.43 billion euros.
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Corrections & Amplifications
A spokesman for Prada SpA said that the Italian fashion company could launch its initial public offering of stock in either June or September of this year, but that a date hasn't been set. A Money & Investing article yesterday incorrectly said the IPO is scheduled for June.
(WSJ Jan. 18, 2008)
