Prada Plans IPO by End of Summer
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MILAN, Italy (AP) _ Italian luxury goods group Prada SpA said Thursday that its board has approved plans to sell shares in an initial public offering by the end of the summer.
At a news conference to announce 2001 sales figures, Chief Financial Officer Riccardo Stilli said the size of the offer, as well as the number of shares to be sold, would be printed in a prospectus to be published before the offering.
The shares will be offered both to retail investors in Italy and to institutional investors in Italy and abroad, he said.
Prada Chief Executive Patrizio Bertelli said 2001 revenue rose 5.5 percent to 1.73 billion euros ($1.5 billion) from 1.64 billion euros in 2000.
Prada in the last decade shot to fame with its minimalist fashions, eagerly snatched up in Italy and abroad. But a spree of acquisitions, including ones to gain control of fashion houses like Helmut Lang and Jil Sander, began to weigh heavily on the company’s ledgers.
Prada had hoped to raise nearly $2 billion in an initial public offering in 2001 but postponed those plans because of bearish market conditions.