Prada would be considering raising at least $ 1 billion through one second listing on the Milan Stock Exchange, according to Bloomberg reports. While today, the financial holding of the Agnelli family, Exor officially debuted on the Amsterdam Stock Exchange and after more than 50 years is preparing to say goodbye to Piazza Affari.
The Italian luxury group has been listed on the Hong Kong Stock Exchange since 2011, with the choice of the Asian financial center being made to have exposure to a rapidly growing luxury and capital market. Now the Italian fashion house would be looking to diversify its investor base and would be working with Goldman Sachs to prepare a potential offer, according to Bloomberg.
Should the project go through, the second listing would take place probably next year, sources familiar with the matter said. Prada and the advisor are working to resolve all the complexities of the transaction and no final decisions have been made on the size or timing of the transaction. There is no precedent for a dual listing in Hong Kong and Milan and the president of Prada himself said in July that “today we are unable to say if it would be possible and how long it would take”.
On the occasion of the six-monthly report, Paolo Zannoni had addressed the issue and stated that the double listing Hong Kong-Milan it had always been an option but not a priority for the luxury group, adding that no decision had been made on the matter.
In 2011, the Italian luxury group picked up 2.1 billion dollars by listing a 20% stake in Hong Kong at a time when big luxury brands were flocking to the Asian market to cater to their broader customer base. The company, which has a market value of 115,7 billion Hong Kong dollars ($ 14.8 billion), is trying to raise funds by selling new shares in Milan, according to Bloomberg sources.
Prada closed 2021 with revenues you seem to 3.366 million euros, up by 41% I respect 2020 and dell’8% respect 2019, and a Net income of 294 million euros. The first half of 2022 ended with revenues of € 1.9 billion, an increase of 22% compared to the first half of 2021.
Exor, today debuts in Amsterdam and is preparing to say goodbye to Piazza Affari
The financial holding company of the Agnelli family announced at the end of July that it had received written approval from the Euronext Listing Board (Elb) for the admission to listing and trading of the company’s ordinary shares on Euronext Amsterdam. Today, then, Exor announced that it had filed with the Italian Stock Exchange the request to delist its ordinary shares from Euronext Milan. “During the delisting process, which will last no less than 45 calendar days from the submission of the delisting request, the Exor ordinary shares will continue to be listed on Euronext Milan and will also be listed on Euronext Amsterdam“, Reads a press release from the Agnelli family holding company.