Handbag Retailer Station Milan Eyes $ 35 Million HK IPO-paper

May 4 (Reuters) - Milan Station, a handbag retailer, seeking to raise up to HK $ 270 million ($ 34.7 million) in an IPO in Hong Kong later this month, reported South China Morning Post on Wednesday.

Hong Kong retailer, which operates 14 outlets under the name of the station in Milan and France station in Hong Kong, Macao and Beijing plans to establish 24 new stores in major Chinese cities like Beijing, Shanghai, Guangzhou, Chengdu, and Hangzhou, and over the next two years by tapping the cash-rich continental interest in luxury goods, the newspaper said.

Milan Station, which sells new and used designer bags by hand hung from brands like Hermes, Chanel, Louis Vuitton and Gucci, estimated size of the Hong Kong designer handbag market at HK $ 9.6 billion in 2009, 45 percent of sales were of Continental, said the newspaper quoting a pre-listing prospectus.Louis Vuitton Luggage

The company's goal is a quote by the end of this month, the paper added. It gave no details of this ad.

By tapping a growing appetite for luxury products in China, many luxury brands such as Italian fashion house Prada, the exclusive manufacturer of bags and accessories Coach Inc, a British luxury shoemaker Jimmy Choo eyeing a listing in Hong Kong.