Prada Considers Selling Shares To Pay Off $1.4 Billion Debt
Prada, the brand that successfully brought baroque minimalism to Milan’s runway last month, is carrying $1.4 billion in debt. And if you’re not a member of the Walton family or a medium size country in South America, that’s a whole lotta Italian calfskin handbags.
So, in order to not be poor, Miuccia Prada and her husband Patrizio Bertelli are considering selling shares of the company. Prada and Bertelli currently own 95 percent of the fashion and luxury goods label. It’s privately listed, so we don’t know exactly how much that 95 percent is worth, but we’re going to go ahead and bet that it’s a whole lotta Italian calfskin handbags, too.
But fashion-forward day traders shouldn’t start selling off their shares of Gucci just yet — Prada’s not going public. The company is looking into listings in Hong Kong, Milan, London and New York, and a spokesman for Prada said that next year is a possible timeframe for listing. But, the decision will be “made depending on market conditions,” so maybe there’s a little, tiny kernel of hope for the NYSE in there, somewhere, hidden underneath all the calfskin.
[Via Vogue UK]