Italian fashion group Prada says it has not lost its determination to list on the stock market, despite the tough market conditions that listed luxury firms are trying to ride out at the moment.

Speaking at a conference in Paris on Thursday, chairman Patrizio Bertelli added, however, that after three aborted attempts at an IPO (initial public offering), the company will wait until 2005 before it tries again.

"I believe the IPO is going to be very important for the group," he said. "It is basically a question of timing - we might have a window of opportunity when the market picks up again."

Prada's first analyst presentation was scheduled for 18 September 2001, but market volatility led the company instead to issue a bond that will expire in 2005. "At that time we will sit down with our banks to assess the market conditions and see if it is the right time to float the company," Bertelli said.