Prada’s strategy of expansion worldwide
After years of gossips, the company of Miuccia Prada may be ready to float on the stock exchange. The company has attempted an initial public offering three times before, but has always pulled out due to the weakness of worldwide markets.
Prada SpA is thought to be looking to the Hong Kong Stock Exchange for its first listing, perhaps as early as this spring. The company – of which 95% is owned by Miuccia Prada and her partner Patrizio Bertelli – is thought to be worth approximately £6 billion.
“Our strategy of expansion worldwide, carried out with a strict cost-control policy, led to a significant growth in revenues and profitability and further reinforced our position as one of the leaders in the luxury goods market,” Bertelli, the chief executive officer of Prada, told WWD. “Strengthened by these results and confident in the future development of the group, we can now face the coming challenges with serenity and seize the best opportunities offered by the international capital markets.”
Earlier this month, Prada declared the strategy of expansion worldwide – plans to open several shops in Asia over the following three years with nine stores opening in major cities in the region over the coming 12 months. Hong Kong is thought to have been Prada’s first choice due to the great potential for luxury growth in the Chinese market.