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.
Exclusive: @isabelmarant and @lorealmakeup have teamed up to create a capsule makeup collection. "She is rather natural in the day but doesn't have time to go back home before going out [in the evening] and redo her entire beauty look," said Marant on the 5 products included in the collection, which will launching in September. Read @jenniferbethweil's interview with the designer on WWD.com. #wwdnews #wwdbeauty
After 17 years, Tomas Maier is leaving @bottegaveneta. “I am deeply grateful to him and I personally thank him for the work he accomplished, and for the exceptional success he helped to achieve,” said François-Henri Pinault, head of parent company @kering_official. Head to WWD.com for more on his departure. #wwdnews #wwdfashion (📷: Davide Maestri)
@shaymitchell is no stranger to teaming up with beauty brands, but she’s made her latest partnership official: She’s signed with @buxomcosmetics as global creative brand ambassador, WWD learned exclusively. Mitchell and Buxom will collaborate on campaign development, social media strategy and content and new product and shade development. Read more on WWD.com. #wwdbeauty (📷: @clint_spaulding)
Today we’re at the WWD Retail 20/20 Forum where industry leaders will be talking about the future of shopping for fashion, footwear and beauty. Tune in on Instagram Live at 9 am and 3:30 pm to hear from two of our speakers –– @therealreal’s Rati Levesque and @bandier’s Stephen Ippolito. #wwdsummits (📷: @elizaflorendo)
Seen last night at @coach’s launch party for “Life Coach,” an interactive pop-up in Soho: @joansmalls. Open now, visitors of the pop-up can engage in themes of “creativity and self-expression,” through tarot, carnival games, live performances and art. See the rest of the party pics on WWD.com. #wwdeye (📷: @vnina)
“We figure there’s enough cynicism to go around the world right now let’s go out there and be ourselves, let’s be enthusiastic, let’s have positive energy, which is something I think a lot of people really want and need right now,” said musician @joshgroban ahead of hosting the Tony Awards with @sarabareilles. Read @leighn’s interview with Groban on how he picked his look for the night, his next record and more on WWD.com. #wwdeye #tonyawards (📷: @vnina)
“Rock as an attitude and not a uniform. Street as a style and not just clothing. Sportswear as the new normality,” @paul_surridge said of his first @roberto_cavalli men’s wear collection, previewed here. The British designer joined the brand as the creative director in May 2017, and is gearing up to unveil his debut for the label with a runway show at the Florence Charterhouse on June 13 at #PittiUomo. Head to WWD.com to read more about his collection and see more sneak peek photos. #wwdfashion (📷: @simonelezzi)