Prada has decided in principle to postpone once again its planned public offering, which was going to take place in 2005. Patrizio Bertelli, who controls the Italian fashion group together with his wife Miuccia Prada, has reportedly concluded that such a transaction would value it at only €2.6-2.9 billion, and this after taking out two loss-making subsidiaries, Helmut Lang and Jil Sander. That means Prada will try instead to refinance its 3-year-old €700 million bond, which comes to maturity next June, taking advantage of the present relatively low interest rates.