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.
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
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Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)
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Later this month, the popular “Diana: Her Fashion Story” exhibit will be reopening. @historicroyalpalaces, the charity that manages @kensingtonroyal, has been working towards adding new, never-before-seen garments to the exhibit, including this dress created by Gianni Versace for a fund-raising dinner at the Museum of Natural History in Chicago. The exhibit will reopen on April 26 at Kensington Palace @wwdfashion
“Our family has always been engaged and interested in the world around us. [My brothers and I] were always encouraged to have our own opinion at a young age, which is not always something a child is asked — especially to have an opinion with reasoning behind it,” said @yarashahidi on becoming an activist. We caught up with the 18 year old last week, where she talked about her road to acting, how “Black-ish” led her to start conversations about identity and more. Head to WWD.com to read what she had to say #wwdeye (📷: @chelsealaurenla)