Prada SpA is considering seeking at least $1 billion from a second listing in Milan, people familiar with the matter said, as the Italian fashion house looks to diversify its investor base away from Hong Kong.

The Milanese maker of luxury clothing, fragrances and accessories is working with Goldman Sachs Group Inc. on preliminary preparations for a potential offering, according to the people, who asked not to be identified discussing confidential information. A listing would likely take place next year, they said.

Prada raised $2.1 billion in 2011 by listing a 20 percent stake in Hong Kong at a time when large luxury brands were flocking to the Asian market to cater to their largest customer base. The company, which has a market value of HK$115.7 billion ($14.8 billion), is looking to raise funds by selling new shares in Milan, the people said.

A vehicle backed by co-chief executive officer Miuccia Prada and her husband, Italian businessman Patrizio Bertelli, holds 80 percent of the fashion company. They are unlikely to cut their stake in any deal, the people said.

Prada and its advisers are working through the complexities of attempting the first Hong Kong-Milan dual listing and no final decisions on size or timing have been taken, according to the people. Prada’s chairman Paolo Zannoni said in July that while a dual listing in Milan has always been an option for the company, it was not a priority.

Representatives for Prada and Goldman Sachs declined to comment.

In a European market devoid of new share sales due to heightened inflation, rising interest rates and the looming risk of recession, some luxury brands are bucking the trend. Sports-car maker Porsche is working on an initial public offering that could be one of Europe’s largest ever.

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