Chinese apparel group Itat hopes to raise US$1bn by floating on the Hong Kong Stock Exchange in April, capital markets bankers confirmed on Wednesday.

The company hopes to use the proceeds to bankroll expansion in China's booming fashion retail market. It plans to triple its store number to 1,620 from 516 currently, according to Reuters.

Itat has hired Morgan Stanley, Deutsche Bank and Goldman Sachs to underwrite the float, the second from a major Chinese apparel retailer since Belle International Holdings raised $1.1bn in May.

Earlier this month Stella International, a shoe supplier to brands such as Givenchy and DKNY, raised $387m in Hong Kong.

In Italy, a string of luxury fashion retailers including Ferragamo, Prada and Versace plan to list next year, raising at least $1.5bn to finance ambitious growth initiatives in Asia.

By Ivan Castano.