Move over Coach (NYSE: COH). Prada may be planning its own IPO. According to the Financial Times, CEO Patrizio Bertelli has hinted that the Prada could go public in the next year, and it's currently looking for an investor relations director.

The Italian company may need the cash to expand aggressively into China, Brazil, and India, as well as to increase its presence in the United States and in Japan. Based on its sale of 5% of the company to Intesa Sanpaolo last year, the company is worth at least $2.7 billion. Given sales of about $1.9 billion in 2006, that would give the stock a pretty conservative price/sales multiple.

Considering the recent strength of Coach, this is an IPO that investors would probably be hungry for -- I may have to buy my mother a few shares. If you're going to invest in fashion and apparel stocks, I think the high-end names are the way to go. Companies like Crocs (NASDAQ: CROX) that don't have strong, established brands could see their competitive advantages wane as competitors move in in search of their high margins. Prada seems to have a pretty good moat.