In Hong Kong, Ferragamo’s No Prada
The latest fashion in the fashion world has been for companies to go public on the Hong Kong stock exchange, leveraging the story of all those brand-conscious Chinese consumers nearby. First there was cosmetics maker L’Occitane International. And more recently, fashionistas Prada SpA has announced its intention to list in Hong Kong.
Hong Kong bankers were hoping to make it a trend with a third fashionable name. But shoe maven Salvatore Ferragamo SpA has officially decided to stick to the catwalks of old Milan with a request to list in Milan, reports The Wall Street Journal.
The case for Ferragamo in Hong Kong was strong despite protestations from the company’s chief executive that it was committed to Milan. While Ferragamo doesn’t break down its sales by region, it did disclose that in 2010, Asia, particularly Greater China, accounted for more than 50% of the company’s turnover, helping swing the company to a profit. By contrast, about 40% of Prada’s sales come from Asia. While it might hurt Hong Kong’s pride that it failed to lure a brand that so many locals adore, should Ferragamo investors care
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I love my Ferragamos! I prefer the traditional shoes, handbags and accessories to their more contemporary ones, however.
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