Prada Hits the Hong Kong Stock Exchange to Lackluster Response
Prada hit the Hong Kong stock market today and, while the Asian luxury consumer market has no problem shelling out the bucks for the Italian brand’s coveted goods, there are concerns that Prada’s stock is overpriced. While the firm had said previously that the stock price may rise as high as HK$48, the company sold 423.2 million shares at HK$39.50 ($5) to raise a total of $2.13 billion – less than was expected.
The lowered price is perhaps significant of weaker demand, but investors may still see the stock as overpriced and, unlike their famed accessories, maybe not worth the pricey cost. Francis Lun, managing director of Hong Kong’s Lyncean Holdings, commented, “Prada is overpriced when you compare it with other luxury brand companies like LVMH. The response from retail investors has been disappointing.”
[Source: Luxuo]
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