MILAN — Despite a nervous stock market, Prada SpA is still set on going public this year.
A Prada spokesman said Sunday the company planned to list on the Milan Stock Exchange in either June or November, pending the outcome of consultations with advisers and due diligence analysis. He added no decision would be taken until at least March, when Prada reports 2007 earnings.
"We don't have to decide tomorrow," the spokesman told WWD.
The Milan-based fashion group, which owns the Prada, Miu Miu, Car Shoe and Church's brands, said in December it planned to float in 2008, subject to market conditions, and named as its banks Italy's Intesa Sanpaolo SpA and Unicredit SpA, and Goldman Sachs & Co. Some 30 to 40 percent of the group is expected to be floated.
Industry sources valued Prada at an estimated 4 billion to 5 billion euros, or $5.85 billion to $7.31 billion at current rates of exchange.
Competitor Ferragamo SpA is also planning an initial public offering this year and has reportedly tapped Mediobanca and J.P. Morgan as global coordinators and UBS as joint book-runner on the deal. Ferragamo chief executive officer Michele Norsa told WWD last week the Florentine luxury group was going ahead with preparations for a listing. (For more on Ferragamo, see opposite page.)
Speculation has been mounting that the slowdown in consumer spending in the U.S. and Europe and sliding luxury goods stocks could deter both companies from floating — particularly Prada.
Prada, which is 95 percent owned by the Prada family, has pulled the plug on its IPO three times in the last seven years, citing unfavorable market conditions. Luxury goods stocks listed in Milan have lost on average one-third of their value in the last three months on fears of a bleaker economic outlook.
A Prada spokesman said in December the company was in perfect condition to list this year, referencing a track record of solid growth in sales and earnings before interest, taxes, depreciation and amortization over the last three years and a strong internal management team. He added that Prada sales were projected to grow at least 20 percent for 2007.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)