London-based jeweler Graff Diamonds started gauging investor interest Monday for its planned $1 billion Hong Kong initial public offering, ahead of a listing in the city on June 7, people familiar with the situation said Monday.
The ultra high-end jeweler plans to start taking orders on May 21, the people said, adding the timetable is preliminary and will be subject to market conditions.
Graff’s planned listing in Hong Kong follows similar moves by other luxury brands. Italian luxury goods firm Prada SpA listed in June, while mass-market gold and diamond jeweler Chow Tai Fook Jewellery Co., controlled by Hong Kong tycoon Cheng Yu-tung, raised $2 billion in an IPO in December.
A Hong Kong listing would enable Graff to raise its brand profile in the region at a time when wealthy Chinese are driving much of the world’s luxury consumption, and enable it to take advantage of attractive valuations for high-end retailers.
At present, sales by the firm known for the world’s most expensive jewellery are split evenly between Asia, Europe and the US, Laurence Graff, who founded the eponymous firm with its green-jewelled ads in 1960, told Dow Jones Newswires in November. -By Prudence Ho
Category: Hong Kong