by POPSUGAR Fashion News 0

>> Although Prada has had no comment on the matter, it's reportedly prepping for an initial public offering in Hong Kong on June 23 or 24. With that long-awaited event on the horizon, Intesa Sanpaolo Group, which owns 5.1 percent of Prada and is one of the banks leading the IPO (Miuccia Prada and husband and Prada CEO Patrizio Bertelli control the other 95 percent of the company), has reportedly estimated Prada to be valued at 10.7 billion euros ($15.1 billion). This follows after a record year of profits and sales in 2010 — Prada reported a 150.4 percent surge in net profits to 250.8 million euros ($331 million), and revenues for 2010 totaled 2.05 billion euros ($2.71 billion), up 31.1 percent compared with the year before. The Italian house, which said it was in debt by 408.6 million euros (approx. $575.6 million) in March, is also estimated to be debt free by 2014. [WWD, Bloomberg]