Prada and Samsonite must be watching with interest the skincare group’s attempt to delist
In the wake of the 2008 financial crisis, as demand for high-end consumer goods waned in Europe and the US, a handful of retailers made a bold bet on Asia. L’Occitane, Prada and Samsonite all chose Hong Kong as the venue for their initial public offerings, listing in the territory in 2010 and 2011. “The domestic market was booming in China and everybody wanted to take advantage of that,” said a person who advised several companies that made or considered the move at that time.
Geiger managed to meet the threshold last month after offering a sweetener that would give minority shareholders the chance to own a stake in the company even after it delists. But there was another hurdle. Hong Kong has a process for “squeezing out” dissenting shareholders, or forcing them to sell once the threshold is met. Using that process risks lawsuits from shareholders who might claim it is not a valid process for a Luxembourg company.
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