Prada: Not for Sale
(Bloomberg) — Prada SpA, the luxury company which has called off four attempts at an initial public offering in the last 10 years, denied a New York Post report that it is in talks to sell a stake to Cie. Financiere Richemont SA.
"Prada categorically denies the contents of the article," spokesman Andrea Gaudenzi said today. "There are no talks underway to sell either a minority or majority stake to Richemont." He declined to comment further.
Prada is nearing a deal to sell a minority stake to Richemont, The New York Post reported today, citing unidentified people. Richemont would take a passive stake under the proposed transaction and may eventually gain control, the newspaper said. Alan Grieve, a spokesman for Richemont, declined to comment.
Prada, which has cited adverse market conditions for its unsuccessful IPO attempts, said last year it had been approached more than once by potential investors about selling a stake, adding that any interest was unsolicited.
The Prada group, which operates the Miu Miu, Car Shoe and Church's brands, has debt of 1.2 billion euros ($1.44 billion), of which 650 million euros is at family holding company Prada Holding BV, two people familiar with the situation said in July.
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