Prada seeks $1 billion valuation in Milan listing – Bloomberg News

(Refiles so as to add media packaging code)

(Reuters) – Italian luxurious group Prada SpA is contemplating looking for a minimum of $1 billion from a second itemizing in Milan and is working with Goldman Sachs Group Inc on early preparations, Bloomberg Information reported on Friday.

The providing would seemingly happen subsequent 12 months with the corporate seeking to increase funds by promoting new shares in Milan, the report stated, citing individuals aware of the matter.

A twin itemizing in Europe would assist the Hong Kong-listed luxurious group widen its investor base as some funds can solely put cash into European or U.S. shares.

Prada’s Chairman Paolo Zannoni stated final month a secondary itemizing in Milan is a chance however not a precedence for Prada, including that no resolution had been taken on the problem.

Co-Chief Govt Officer Miuccia Prada and her husband, Italian businessman Patrizio Bertelli, are unlikely to chop their stake in any deal, the report stated. They’ve an 80% stake within the firm.

The report added that Prada and its advisers are working by means of the complexities of making an attempt the primary Hong Kong-Milan twin itemizing and no ultimate choices on timing or measurement have been taken.

Prada and Goldman Sachs didn’t instantly reply to requests for remark from Reuters.

(Reporting by Praveen Paramasivam in Bengaluru; Modifying by Devika Syamnath)