Italian fashion label Prada is considering an IPO with a primary listing in Hong Kong, rather than home-base Milan, Bloomberg and the Financial Times reported, citing unnamed sources.

The luxury apparel and accessory company, which also owns the Miu Miu, Car Shoe and Church's brands, has scrapped four previous attempts at an IPO in the past 10 years. Prada abandoned its latest plans to list in 2008 due to adverse market conditions. But now, the Italian company believes it might raise more money in Hong Kong because the high demand from retail investors in Asia could drive prices higher there.

Prada could be worth €5 billion to €6 billion in a strong market, the FT said. Bloomberg added its sources say Prada may fetch a valuation in excess of Louis Vuitton Moet Hennessy SA's trading multiples.

Prada will probably make a final decision on whether to proceed with an IPO before the end of this year. The company is now monitoring orders for its spring-summer 2011 collection to help make the decision as it prepares to show the spring/summer 2011 Miu Miu collection Wednesday night at Paris Fashion Week.

Sales at Prada could reach €3 billion by 2014 as its retail expansion into emerging markets accelerates, according to the Financial Times. The Milan-based company's sales may reach €2 billion in 2010. Revenue climbed 29% to €936.5 million, led by a 47% gain in Asia in the first six months of the year.

Earnings before interest, tax, depreciation and amortization more than doubled to €225.2 million in the first six months, and may be between €450 million and €500 million for the year. Prada, which has felt the recession along with all luxury retailers as the industry suffered its worse year ever, has cut debt. But as the industry rebounded, the retailer opened new stores in Asia, Bloomberg said.

Prada is controlled by CEO Patrizio Bertelli, who masterminded its expansion in the past few decades, and his wife, designer Miuccia Prada and her family. Grandfather Mario Prada founded the company in 1913.