After flirting with the stock market for the last seven years, Prada said Wednesday it had approved the start of the process for listing the company on the Milan Stock Exchange.
The listing is planned for 2008, depending on market conditions, the company said.
The Italian luxury goods group, which owns the Prada, Miu Miu, Car Shoe and Church’s brands, also confirmed the appointment of Italy¹s Intesa Sanpaolo SpA and UniCredit SpA – two of its top lenders – and Goldman Sachs & Co. as global coordinators and joint book runners in the institutional placement. Intesa owns a 5 percent stake in Prada.
Prada SpA chief executive officer Patrizio Bertellli said in a statement, “We are heading towards a new era in the company’s history, with solid development potential on the basis of strong momentum, already shown by our results in the first semester of 2007.”
For more, see Thursday’s issue of WWD.