Prada IPO Page 1
Giorgio Armani can dish it, but he just can’t take it. The Italian designer wrote a full newspaper editorial defending himself against Tod’s chairman Diego Della Valle, who criticized Armani last week for calling Prada‘s public listing on the Hong Kong stock exchange a dumb idea.
If you thought everyone in the fashion industry was impressed with Prada‘s multi-billion dollar listing on the Hong Kong Stock Exchange, you were wrong. Giorgio Armani dismissed rival Miuccia Prada‘s new business venture as nothing more than a clever way to cover up her debts. He also called her clothes ugly.
Prada might not be as valuable as everyone actually thought it was — but don’t worry, it’s still a multi-billion dollar company.
You probably could have guessed that Miuccia Prada was a very rich lady, what with people all over the world running around in her stripey clothing and bedecked in her various leathergoods. But if you had to guess how many millions she makes in a year, what would you say? Five million? Ten? If you guessed that low, you’d be wrong.
While Prada plans its initial public offering, the banks helping the Italian fashion company get ready to go public are trying to figure out just how much it’s worth. At least two of them estimate the company, in its entirety, is worth €11 billion, which is about $15 billion at current exchange.