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DLA advises on luxury goods deal

DLA advises on luxury goods deal

DLA Piper has advised the issuer, Milan Station Holdings Limited, on its initial public offering (IPO) on the Main Board of the Hong Kong Stock Exchange. The IPO has raised gross proceeds of…

DLA Piper has advised the issuer, Milan Station Holdings Limited, on its initial public offering (IPO) on the Main Board of the Hong Kong Stock Exchange.

The IPO has raised gross proceeds of $HK312 million ($37.5 million). The public offering was successful, raising a record 2,179.5 times over-subscription, beating the previous record held by Tianjin Port Development's 2006 IPO whose public tranche was oversubscribed by 1,702 times.

Milan Station is a well-known consumer brand based in Hong Kong. The company principally engaged in the retail of unused and second-hand luxury branded handbags and apparel products in Hong Kong, the PRC and Macau. According to the Synovate Report, Milan Station is a market leader and ranked number one in terms of both sales value and sales volume amongst the top five luxury branded handbag independent retailers in Hong Kong in 2009.

"Boosted by the increasing demand for high-end products on the mainland, the Hong Kong Stock Exchange has become popular with luxury goods companies seeking growth. Luxury goods consumption in China has reported robust growth in the past three years, with annual growth of up to 12 per cent," said lead partner Jeffrey Mak.

The DLA Piper team was led by Mak, partner of DLA Piper Hong Kong. Team members included Frances Li, Iris Yuen, Hiu-Yee Chung, Steve Cheng and Olivia Kung. DLA Piper's litigation and real estate team members also participated in the project, including partners Harris Chan and Susheela Rivers. Other lawyers included Rodney Ko, Joanna Cheung, Polly Chu, Warren Yu and Mei-Ching Yeung.

China Merchants Securities (HK) Co. Ltd. was the sole global coordinator, book-runner, lead manager and sponsor. It was advised by Hastings & Co. as to Hong Kong law.

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DLA advises on luxury goods deal
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