The leather goods manufacturing division of Prada Holdings, Pellettieri d'Italia (IPI), has been split into two divisions, prior to the holding group’s market listing this June.

The division now comprises Prada Industrial and another company that controls some of the Prada family's assets worth L17 billion ($7.7 million), including a Ferrari and several other luxury cars.

Prada Industrial has net assets worth L128billion and profits of L930billion. For the first nine months of last year, it reported a turnover of L971.5 billion with net profits of L31.9billion.

The international investment bank Credit Suisse First Boston and the Italian bank Comit will act as global co-ordinators for the initial public offering.

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