Prada disappoints on market debut

Shares in the Italian fashion house Prada opened only 0.25 per cent higher on its trading debut in Hong Kong yesterday, amid waning investor interest in initial public offerings and volatile global stock markets.

The family-owned company's stock opened at HK$39.60 (£3.18), up from the offer price of HK$39.50. The keenly-awaited IPO raised a lower-than-expected $2.14bn after 20 per cent of the company was floated.