High couture brand Prada is reportedly mulling over the possibility of floating its shares via an initial public offering in Hong Kong. This is the Italian family-owned fashion house’s initiative to enter the promising Chinese market in the near future.
The luxury chain has been considering the European or Hong Kong stock markets in terms of the IPO issue.
South China Morning Post, a daily in Hong Kong, quoted Prada’s deputy chairman Carlo Mazzi as saying that if he’s asked for his decision today, he would choose Hong Kong adding that it would likely become the world’s largest stock market in the next decade or so.
Prada is eyeing a massive expansion by placing 28 new stores, including new lingerie stores, in Hong Kong and mainland China in the coming years and expects that its sales in Asia will outperform those in Europe and other continents.
LVMH, the biggest luxury group in the world, reportedly beat forecasts when it reported a 14 percent increase in its third quarter sales. This is due to the strong recovery of its lines of businesses – wines, champagnes and fashion. Expected growth for this period has been placed at 11 percent.
LVMH became the first luxury group in Europe to reveal its third quarter financial reports. Surprisingly, it reported that the significant increase was boosted by its expansion in China as the weaker euro has attracted Asian shoppers to go and by its products.
In 2009, the luxury goods industry suffered a major blow and LVMH was no exception, reported a three percent drop in revenues at the same period.
The retail giant owns popular global brands such as Louis Vuitton and Celine. It also is the biggest champagne maker in the world and owns Moet & Chandon.
Taiwanese fashion designer Jason Wu recently met with Taiwan President Ma Ying-jeou on October 7 with the latter acknowledging this great achievements in the world of fashion. Wu, currently based in New York, said that Taiwan was the major influence on his life wherein one should do his best in whatever field of expertise he or she wants to pursue. Wu said that he’s Taiwanese and wherever he goes, be proudly says that he’s one. Wu gained international interest last year when U.S. First Lady Michelle Obama wore one of his creations during the presidential inaugural ball. That was the day where President Barack Obama was sworn into office. The white chiffon gown created by Wu has now been added to the permanent First Ladies exhibit at the Smithsonian National Museum of American History, according to reports. During his visit, Wu gave First Lady Chow Mei-ching a custom-designed dress.