Prada invests in Italian tannery, undecided on dual listing
2022.09.15 09:28
Hong Kong-listed Italian luxury group Prada (OTC:) SpA said on Thursday it had bought a stake in the Tuscan tannery Superior SpA, tightening its grip on its supply chain, but noted it had not decided whether to list in Milan. A dual listing in Europe would help Prada widen its investor base, as some investment funds can only put money in European or U.S. stocks.
“No decision has been taken,” on a secondary listing in Milan, Chief Executive Patrizio Bertelli said in an interview with Italian daily newspaper Il Corriere della Sera. In July, Prada’s Chairman Paolo Zannoni said a secondary listing in Milan was a possibility but not a priority for Prada. Last month Bloomberg News reported that Prada was considering seeking at least $1 billion from a secondary listing in Milan and was working with Goldman Sachs (NYSE:) on early preparations.
Italian daily newspaper Il Sole 24 Ore reported on Tuesday that Prada aimed to list in the Milan stock exchange next year. Tuscany has been booming as high-end fashion houses scramble to meet a strong wave of global, post-pandemic demand for luxury accessories, expanding their factories and buying artisan workshops.
Based in Santa Croce sull’Arno, near Pisa, Superior is a leader in calfskin processing and has been active for more than 60 years in the Italian and international markets as a specialised tanner for the luxury sector, Prada said.
Under the agreement, Prada bought a 43.65% stake in Superior, whose management responsibility will remain with the current CEO, Stefano Caponi. “The acquisition of a shareholding in Superior represents another important step in the strategic direction towards vertical integration of the Prada Group’s supply chain,” Bertelli said.
