HONG KONG May 4 Milan Station, a handbags
retailer, is seeking to raise up to HK$270 million ($34.7
million) in an initial public offering in Hong Kong later this
month, the South China Morning Post reported on Wednesday.
The Hong Kong-based retailer, which operates 14 outlets
under the name Milan Station and France Station in Hong Kong,
Macau and Beijing, plans to set up 24 new outlets in major
Chinese cities, including Beijing, Shanghai, Guangzhou, Chengdu,
and Hangzhou, in the next two years tapping the cash-rich
mainlanders' appetite for luxury products, the paper said.
Milan Station, which sells new and second hand-hand designer
hangbags from brands such as Hermes, Chanel, Louis Vuitton and
Gucci, estimated the size of the Hong Kong designer handbag
market at HK$9.6 billion in 2009 of which 45 percent of sales
were from mainlanders, the paper said citing a pre-listing
The firm aims for a flotation by the end of this month, the
paper added. It gave no further listing details.
Tapping the growing appetite for luxury products in China,
many luxury brands including Italian fashion house Prada,
upscale handbag and accessories maker Coach Inc , and
British luxury shoemaker Jimmy Choo, are eyeing a listing in
(Reporting by Donny Kwok; Editing by xxx)