What more could a HK based lawyer ask for .. A luxury Italian clothing brand and a stock market float ..
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Legal Week reports…
http://www.legalweek.com/legal-week/news/2028193/cc-bonelli-advise-prada-gears-hong-kong-listing
Clifford Chance (CC) and Italian leader Bonelli Erede Pappalardo have won advisory roles as Italian fashion group Prada eyes up a float on the Hong Kong Stock Exchange.
Prada has instructed Bonelli on the deal, which could see the label valued at as much as $8.2bn (?5.1bn). The firm is fielding a team led by Milan corporate partner Carlo Montagna, who is working alongside Sergio Erede. Stefano Simontacchi is advising on tax aspects of the transaction.
CC, meanwhile, has secured a mandate to advise the underwriters, which include Goldman Sachs and CSLA, the Asian brokerage unit of Calyon. The magic circle firm is fielding a London-based team led by capital markets head Adrian Cartwright.
Press reports have suggested that Prada Group, which is controlled by chief executive Patrizio Bertelli and his wife Miuccia Prada, could list in Hong Kong as early as May, with the company also believed to be considering a dual listing in Hong Kong and Milan.
If Prada does go ahead with the float it would be following the lead of European luxury goods company L’Occitane, which listed in Hong Kong last year, and would be a further example of issuers shifting attention towards Asia.
Commenting on Prada’s potential listing, one City equity capital markets partner said: “This listing should be well received, given the company’s growing market recognition and the region’s rising consumer appetite. However, Prada should avoid a simultaneous dual listing in Milan, as this may weaken its investment case.”
Prada, which also owns labels including Miu Miu and footwear brands Church’s and Car Shoe, currently generates revenues of around ?2bn (?1.7bn), with sales increasing by 47% in the Far East. Its revenues place it among the largest fashion brands alongside Gucci and Armani.