According to several media reports, Prada owners Patrizio Bertelli and Miuccia Prada would have flown to Paris last December last year to meet the owner and CEO of of Kering Group, François-Henri Pinault.
The other pretender would be the Compagnie Financière Richemont the luxury giant which includes a large portfolio of major luxury watch brands, may express an interest, having recently acquired Buccellati and formed a joint venture with Alber Elbaz for a new fashion company.
It is not the first time that Prada and Richemont have been at the center of rumours regarding a possible deal. Ten years ago the Italian company had denied the rumours regarding the possible sale of shares.
Listed on the Hong Kong stock exchange since 2011, Prada has a market capitalization of 74.08 billion Hong Kong dollars, equal to approximately 9.5 billion dollars. Richemont, listed on the Swiss stock exchange, has a capitalization of 40.23 billion Swiss francs, or 41.66 billion dollars on the current stock exchange.
According to several media sources, LVMH would have taken seriously the hypothesis of a deal with Prada last year, but then the negotiations would have been halted. In 2018 Bertelli had categorically denied the intention of wanting to sell the company, where in 2017 his son Lorenzo Bertelli, who left as head of digital communication and now head of marketing and communication, also joined.
The good performance of full-price sales, the positive trend in the wholesale business and the excellent performance of the ready-to-wear and accessories lines gave impetus to Prada’s profits and revenues in the first half of last year. Net profit rose 46.6% to 155 million euros, benefiting from the tax relief from the Patent Box for the years 2015-2019. Sales increased by 2%, to 1.57 billion euros, compared to 1.53 billion euros in the previous year. The group has also increased its investments on the digital front.
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