Prada seeks at least $1bn in second Milan listing

Prada is considering seeking at least $1 billion from a second listing in Milan, as the Italian fashion house looks to diversify its investor base away from Hong Kong.

The Milanese maker of luxury clothing, fragrances and accessories is working with Goldman Sachs on preliminary preparations for a potential offering, according to sources. A listing would probably take place next year, they said.

Prada raised $2.1bn in 2011 by listing a 20 per cent stake in Hong Kong, at a time when large luxury brands were flocking to the Asian market to cater to their largest customer base.

The company, which has a market value of HK$115.7bn ($14.8bn), is looking to raise funds by selling new shares in Milan, sources said.

A vehicle backed by co-chief executive Miuccia Prada and her husband, Italian businessman Patrizio Bertelli, holds 80 per cent of the fashion company. They are unlikely to cut their stake in any deal, the sources said.

Prada and its advisers are working through the complexities of attempting the first Hong Kong-Milan dual listing and no final decisions on size or timing have been taken, the sources said.

Prada’s chairman Paolo Zannoni said in July that while a dual listing in Milan had always been an option for the company, it was not a priority.

Representatives for Prada and Goldman Sachs declined to comment.

SERIES SCHEDULE

First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6

COMPANY%20PROFILE

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Mumbai Indians 213/6 (20 ov)

Royal Challengers Bangalore 167/8 (20 ov)

What is Reform?

Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

After Brexit took place, the party focused on the reformation of British democracy.

Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.

The%20specs

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While you're here...

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Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)

THREE POSSIBLE REPLACEMENTS

Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.

Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.

Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.