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  • Faust
    kitsch killer
    • Sep 2006
    • 37852

    Prada sells 5% stake to an Italian Bank.



    So, I'm a self-appointed Prada watchdog, just because I detest the whole company, and both Miuccia as a designer and Bertellei as a businessman. I found this article interesting.

    Prada Flogs 5% Stake to Banca Intesa




    Godfrey Deeny

    December 01st, 2006 @ 00:03 AM - Paris

    The
    Prada Group will sell a 5% stake of itself to Banca Intesa in a 100
    million Euro deal that values the Italian luxury company at a minimum
    of two billion Euros, or $2.6 billion at current exchange rates, the
    parties announced Friday.



    Banca Intesa will fully underwrite a 100 million Euro capital
    increase, which Prada said it would be used “to accelerate its
    investment plans aimed at the global development of its core brands.”



    The Prada and Bertelli families own the remaining 95% of Prada
    Group. Prada’s CEO Patrizio Bertelli is married to the house’s creative
    director Miuccia Prada, whose family founded the label.



    In his latest response to media interest concerning a possible
    public offering, Bertelli has said he “will re-open the idea” in 2008.


    Besides its own brand Prada and sister label Miu Miu, Prada Group
    owns the tony UK footwear label Church’s, the booming Car Shoe marque
    and Azzedine Alaia, fashion’s least derivative designer fashion house,
    a major international network of some 211 stores plus shop-in-shops and
    corners in selected, high-end multi-brand and luxury department stores.



    Banca Intesa is a major Italian bank initially formed from the
    merger of Cariplo, Italy’s biggest saving bank, and the Banca
    Ambrosiana, the Vatican banking scandal vehicle whose chairman, Roberto
    Calvi, was founded hanging underneath Blackfriars Bridge in London in
    the a particularly murky scandal.



    In a related development, a collation of four banks led by Banca
    Intesa and including Unicredito, Calyon and Banca Leonardo, has
    underwritten a Euro 200 million loan to the Prada Group. The move marks
    a major vote of financial confidence in the future of the Prada Group,
    which began in the past two years has extricated itself from some less
    than happy investments in Jil Sander and Helmut Lang by selling off
    both those houses.



    Prada will use parts of these additional funds to take full
    ownership of Church’s, acquiring the remaining 55% stake currently
    owned by the private equity fund Equinox.

    Fashion is a form of ugliness so intolerable that we have to alter it every six months - Oscar Wilde

    StyleZeitgeist Magazine
  • casem
    Senior Member
    • Sep 2006
    • 2590

    #2
    Re: Prada sells 5% stake to an Italian Bank.

    ::Sigh:: if only they would've left Helmut Lang alone, both parties would be better off. Seems like they're really grasping at straws to turn a profit, even with the fashion media perpetually kissing Miuccia's ass. Anyway, thought I'd add they have decided not to do a Miu Miu runway show for F/W 07. Seems like a bad move, I've always liked Miu Miu better, but it seems like they hardly produce the good stuff from the shows. I think they would do better to focus more on Miu Miu (maybe make it more affordable too). But whatever, doesn't bother me, just seems like a bad business desision.

    I forgot that they sold Jil Sander, who bought it? Did they appoint Raf before they sold it? I remember reading what an "honour" it was that Bertelli came out to Raf's S/S 06 show as a sign of support for the new JS appointee, so I assume Raf was appointed by Prada then sold?
    music

    Comment

    • GuitarFlame
      Junior Member
      • Nov 2006
      • 8

      #3
      Re: Prada sells 5% stake to an Italian Bank.



      Theory now owns Jil Sander.



      Stay tuned for boring, overpriced pieces in viscose/polyester blends.

      Comment

      • Faust
        kitsch killer
        • Sep 2006
        • 37852

        #4
        Re: Prada sells 5% stake to an Italian Bank.

        [quote user="casem83"]::Sigh:: if only they would've left Helmut Lang alone, both parties would be better off. Seems like they're really grasping at straws to turn a profit, even with the fashion media perpetually kissing Miuccia's ass. Anyway, thought I'd add they have decided not to do a Miu Miu runway show for F/W 07. Seems like a bad move, I've always liked Miu Miu better, but it seems like they hardly produce the good stuff from the shows. I think they would do better to focus more on Miu Miu (maybe make it more affordable too). But whatever, doesn't bother me, just seems like a bad business desision.

        I forgot that they sold Jil Sander, who bought it? Did they appoint Raf before they sold it? I remember reading what an "honour" it was that Bertelli came out to Raf's S/S 06 show as a sign of support for the new JS appointee, so I assume Raf was appointed by Prada then sold?


        [/quote]



        They sold it to a private equity fund about two weeks after they hired Raf. Sly. Raf said he didn't care... I mean what else can he say?



        Guitar, Theory owns Helmut Lang.

        Fashion is a form of ugliness so intolerable that we have to alter it every six months - Oscar Wilde

        StyleZeitgeist Magazine

        Comment

        • threerepute
          Member
          • Sep 2006
          • 39

          #5
          Re: Prada sells 5% stake to an Italian Bank.

          [quote user="GuitarFlame"]

          Theory now owns Jil Sander.



          Stay tuned for boring, overpriced pieces in viscose/polyester blends.



          [/quote]



          you scared me for a minute there.

          Comment

          • zaneta
            Junior Member
            • Feb 2024
            • 16

            #6
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