Prada to buy 19.6% in Sitoy IPO

Prada, which raised over $2b in its Hong Kong IPO, will be a cornerstone investor in the local handbag maker’s offering.

A Reuters report said the Milan-based fashion house agreed to buy 19.6 percent of Sitoy shares on offer, with venture capital firm IDG buying 22 percent.

The initial public offering of Sitoy, producer of handbags and leather goods for Prada and other global brands, is worth up to $130 million.

View the report here.