Prada’s IPO
英國《金融時報》 Lex專欄
Prada has packaged its initial public offering in a typically artful way. The Milan-based fashion house has chosen to list in Hong Kong, it says, largely because of its proximity to China, the world's fastest-growing luxury goods market. But Prada has just 14 stores across the entire mainland, fewer than in Tokyo. Its aggressive expansion plan (the primary justification for selling shares) is to fill holes in its global network rather than in China – it has no stores in Stockholm, Barcelona or Brussels, or anywhere in Russia or Brazil. An outlet on every Chinese corner, after all, makes little sense. High taxes mean that a large portion of luxury items is bought offshore.
Prada對其首次公開發行(IPO)的“包裝”具有它典型的設計感。這家總部位於米蘭的時裝公司選擇了在香港上市。該公司表示，這主要是因為這裡毗鄰全球增長最為迅速的奢侈品市場——中國內地。但Prada在整個中國內地僅有14家門店，還不及東京一個城市多。該公司的大規模擴張計劃（這是發行股票的主要理由）旨在填補其全球網絡（而非中國）的空白——該公司還沒有在斯德哥爾摩、巴塞羅那、布魯塞爾以及俄羅斯或巴西的任何城市開店。畢竟，把門店開到中國的所有角落沒什麼意義。這裡的高稅率意味著，中國人很大一部分奢侈品是在海外購買的。
If executives were entirely honest, they would admit that the IPO is where it is because that is where valuations for trophy assets are highest. Christie's, the auctioneer, broke 36 world records at its Hong Kong Spring sales, concluded earlier this month; 10 Pollock's Path, an 8,302 sq ft propertyon The Peak, sold last week for a record HK$800m (US$103m). If Prada prices on Friday at the midpoint of its indicative range, the equity would be valued at 24 times this year's earnings, significantly ahead of a clutch-bag of rivals in Paris, London and Milan.
如果該公司的高管們完全誠實的話，那麼他們將承認，把IPO設在香港，是因為那裡對炫耀性資產的估值最高。拍賣行佳士得(Christie's)本月早些時候結束的香港春拍打破了36項世界紀錄；位於香港太平山一處8302平方英尺的豪宅——香港普樂道10號(10 Pollock's Path)上週賣出了創紀錄的8億港元（合1.03億美元）。如果Prada週五公佈的定價位於指導價區間的中點，那麼其股票今年的預測市盈率將為24倍，遠遠超過其在巴黎、倫敦和米蘭的同行業競爭對手。
Prada is truly a “trophy asset.” Unlike most of its European competitors, the company has an undiluted exposure to the top end of luxury. It will also be the only Italian stock, and the only luxury stock of size, listed in Hong Kong . That institutions have subscribed for five times the shares available suggests they are ignoring the network expansion, which can only weaken margins. They are essentially showing the same lust for shiny baubles as the taitais queuing outside Prada's flagship Hong Kong store on Canton Road. You 've bought the handbag; now buy the share.
Prada是真正意義上的“炫耀性資產”。與多數歐洲競爭對手不同，該公司純粹面向最高端奢侈品市場。此外，它將成為在香港上市的唯一一家意大利公司，也是唯一一家大型奢侈品公司。機構投資者的超額認購已達到5倍，表明這些投資者選擇忽略Prada的網絡擴張計劃，儘管這個計劃會削弱利潤率。他們表現出的慾望，本質上與在廣東道Prada旗艦店門前排隊的小姐太太們是一樣的，都是對華而不實小玩意兒的渴求。你已購買了Prada的包包；現在去買它的股票吧。
Lex專欄是由FT評論家聯合撰寫的短評，對全球經濟與商業進行精闢分析
Lex专栏：Prada为何钟情香港？ Prada’s IPO
Prada has packaged its initial public offering in a typically artful way. The Milan-based fashion house has chosen to list in Hong Kong, it says, largely because of its proximity to China, the world’s fastest-growing luxury goods market. But Prada has just 14 stores across the entire mainland, fewer than in Tokyo. Its aggressive expansion plan (the primary justification for selling shares) is to fill holes in its global network rather than in China – it has no stores in Stockholm, Barcelona or Brussels, or anywhere in Russia or Brazil. An outlet on every Chinese corner, after all, makes little sense. High taxes mean that a large portion of luxury items is bought offshore. | Prada对其首次公开发行(IPO)的“包装”具有它典型的设计感。这家总部位于米兰的时装 公司选择了在香港上市。该公司表示，这主要是因为这里毗邻全球增长最为迅速的奢侈品市场——中国内地。但Prada在整个中国内地仅有14家门店，还不及 东京一个城市多。该公司的大规模扩张计划（这是发行股票的主要理由）旨在填补其全球网络（而非中国）的空白——该公司还没有在斯德哥尔摩、巴塞罗那、布鲁 塞尔以及俄罗斯或巴西的任何城市开店。毕竟，把门店开到中国的所有角落没什么意义。这里的高税率意味着，中国人很大一部分奢侈品是在海外购买的。 |
If executives were entirely honest, they would admit that the IPO is where it is because that is where valuations for trophy assets are highest. Christie’s, the auctioneer, broke 36 world records at its Hong Kong Spring sales, concluded earlier this month; 10 Pollock’s Path, an 8,302 sq ft propertyon The Peak, sold last week for a record HK$800m (US$103m). If Prada prices on Friday at the midpoint of its indicative range, the equity would be valued at 24 times this year’s earnings, significantly ahead of a clutch-bag of rivals in Paris, London and Milan. | 如果该公司的高管们完全诚实的话，那么他们将承认，把IPO设在香港，是因为那里对炫耀性资产 的估值最高。拍卖行佳士得(Christie's)本月早些时候结束的香港春拍打破了36项世界纪录；位于香港太平山一处8302平方英尺的豪宅——香港 普乐道10号(10 Pollock’s Path)上周卖出了创纪录的8亿港元（合1.03亿美元）。如果Prada周五公布的定价位于指导价区间的中点，那么其股票今年的预测市盈率将为24 倍，远远超过其在巴黎、伦敦和米兰的同行业竞争对手。 |
Prada is truly a “trophy asset.” Unlike most of its European competitors, the company has an undiluted exposure to the top end of luxury. It will also be the only Italian stock, and the only luxury stock of size, listed in Hong Kong. That institutions have subscribed for five times the shares available suggests they are ignoring the network expansion, which can only weaken margins. They are essentially showing the same lust for shiny baubles as the taitais queuing outside Prada’s flagship Hong Kong store on Canton Road. You’ve bought the handbag; now buy the share. | Prada是真正意义上的“炫耀性资产”。与多数欧洲竞争对手不同，该公司纯粹面向最高端奢侈 品市场。此外，它将成为在香港上市的唯一一家意大利公司，也是唯一一家大型奢侈品公司。机构投资者的超额认购已达到5倍，表明这些投资者选择忽略 Prada的网络扩张计划，尽管这个计划会削弱利润率。他们表现出的欲望，本质上与在广东道Prada旗舰店门前排队的小姐太太们是一样的，都是对华而不 实小玩意儿的渴求。你已购买了Prada的包包；现在去买它的股票吧。 |
Lex专栏是由FT评论家联合撰写的短评，对全球经济与商业进行精辟分析 | |
译者/梁艳裳 |
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