By Marcus Leach

Luxury fashion house Prada will aim to raise $2.6 billion (£1.6 billion) when they float on the Hong Kong stock exchange.

BBC News reported that the 'privately owned company wants to sell 423.3 million shares to investors in a range of 36.50 to 48 Hong Kong dollars'

Prada will become the first Italian firm to list in Hong Kong as they look to establish themselves in the growing Chinese luxury goods market.

Documents filed to the Hong Kong stock exchange reveal that Prada aim to open 70 new stores in Asia by 2014, with 30 of those expected to be in China.

"We believe further growth is possible due to the continuing growth of the Chinese economy," the company said.

Prada, said it also hopes to expand in the Middle East, Russia and Brazil.

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