MILAN — Prada is on its marks, as its initial public offering is expected to take place June 23 or 24, and reports on the company’s possible valuation are beginning to reach clients.
Banca IMI-Intesa Sanpaolo Group, which owns 5.1 percent of Prada and is one of the banks leading the IPO, estimates Prada may be valued at 10.7 billion euros, or $15 billion at current exchange, according to a source. Intesa forecasts Prada’s net profits may rise to 381 million euros, or $536.3 million, in 2011 and to 503 million euros, or $708 million, in 2012. Intesa’s valuation is based on around 21 times Prada’s estimated 2012 profits.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)