💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Prada says not in talks over stake sale

Published 08/24/2009, 01:26 PM
Updated 08/24/2009, 01:33 PM
CFR
-

MILAN, Aug 24 (Reuters) - Italian fashion house Prada is not in talks over the sale of a minority stake, a spokesman for the company said on Monday.

Several media reports have mentioned potential third parties taking a stake in the fashion firm, whose designer Miuccia Prada is known worldwide for her trend-setting creations.

"There are no talks with anyone to sell a minority stake," the spokesman said.

La Repubblica daily said this month bankers for the fashion house had contacted Compagnie Financiere Richemont SA about the Swiss company taking a stake in it.

In an unsourced report it said the banks, including Intesa Sanpaolo and UniCredit would like an industrial partner for Prada with a stake of up to 30 percent.

In a report quoting banking sources, Il Sole 24 Ore said this month Qatar Investment Authority was interested in acquiring a stake of 30 percent in Prada as part of a partnership with the fashion house.

In June, Prada said it had turned down approaches from private equity firms seeking a minority stake.

Prada has had its sights on a public offering in the past but attempts in the last few years have been pulled because of market conditions. (Editing by Jon Loades-Carter)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.