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Prada 'closer to Hong Kong IPO'

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Prada 'closer to Hong Kong IPO'

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Prada has moved a step closer to its planned 1.4 billion euro initial public offering of shares in Hong Kong.

The Italian luxury goods company has reportedly received the go-ahead after a meeting with the Hong Kong Stock Exchange’s listing committee.

The IPO would be the first for an Italian firm in Hong Kong.

Companies in that sector want to list there as sales of luxury items have surged in China in recent years

China will account for 20 percent of the global luxury market by 2015, with spending in the country around 19 billion euros ($27 billion) by that year according to consulting firm McKinsey & Co.

The fashion house has about a third of its 326 directly operated stores in Asia-Pacific, its fastest-growing market.