Prada IPO Fashionably Late |
| Forbes - Apr 18, 2008 |
Prada may be a hit with cutting-edge sartorialists, but its management is worried that the 95-year-old Italian fashion house might not prove so popular with investors. The company has just delayed its initial public offering (IPO) until autumn 2008 at the earliest.
Prada, the brand behind Church shoes, Miu Miu bags and, of course, Prada, had previously mooted June as a possible IPO date, but said late Thursday that market volatility had forced it to postpone the floatation.
The move comes despite the firm's soaring profits. Last month Prada announced that its 2007 earnings rose 66.0%, to 127 million euros ($202.6 million), on 1.66 billion euros ($2.64 billion) in sales, due to strong demand for its leather goods and accessories.
Read Full Article from Forbes
- Posted: 2008-04-18 08:47:28
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