HONG KONG — Prada has narrowed its initial public offering price range to come in on the lower end of its initial guidance, according to a person familiar with the situation.
The fashion house is now pricing its shares between 39.50 Hong Kong dollars and 42.25 Hong Kong dollars, or $5.07 to $5.24, per share, according to the source. Priced on the top of that new range, the company stands to raise a maximum of $2.3 billion. Earlier indications were that it stood to generate as much as $2.6 billion.A Prada spokesman declined to comment Thursday. That new lower range values the company between 101.07 billion Hong Kong dollars and 108.11 billion Hong Kong dollars, or $12.98 billion to $13.88 billion.Prada’s initial price guidance ranged from 36.50 Hong Kong dollars to 48 Hong Kong dollars, or $4.68 to $6.16, a share. Had the shares fetched the upper part of that preliminary range, the company would have been valued at about $15.8 billion.As reported, the institutional demand for shares appears to be going well, but retail investors in Hong Kong have not been as enthusiastic about the offer. A source said offers from New York, where the Prada road show is taking place this week, were strong.The final price of the offer is expected to be determined today and Prada shares are expected to start trading June 24 on the Hong Kong stock exchange.
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)
"In order for Shudu to wear garments, she needs to be able to put them on, just like you would in the real world. You have to digitize the outfits," said Cameron-James Wilson on dressing 3-D model @shudu.gram for her WWD photoshoot with @itsclo3d. #wwdfashion (📸: @cjw.photo)
“Shudu is a digital supermodel, a very glamour and amazing woman. But she’s 3-D,” says Cameron-James Wilson, a fashion photographer and the creature of @shudu.gram. Here, Shudu wears @cushnieetochs for her debut fashion editorial. #wwdfashion (📷: @cjw.photo)
“It is the fierce female performances that came before me that made be able to clearly identify for myself what it was that I wanted to do, what kind of artist I wanted to be, what kind of films I wanted to make,” said @brielarson at the Women in Film Crystal + Lucy Awards. See more pictures from the event on WWD.com. #wwdeye (📷: Matt Baron)