Prada fashions a £2.6bn flotation

Italian fashion house Prada is pricing its initial public offering in Hong Kong to raise up to $2.6 billion (£1.6bn) and give the maker of luxury bags and Miu Miu dresses a higher valuation than its European peers.

A source said that Prada had set an indicative price range of HK$36.5 (286p) to HK$48 per share for its IPO, which is the first in Hong Kong by an Italian company and would value the fashion house at between $11.4bn and $14.6bn.