MILAN, Feb 8 (Reuters) - Italy's Prada Group made an operating profit in its last financial year that exceeded its own forecast thanks to a rise of more than 14 percent in retail network sales, the fashion house said on Monday 8 February.
Prada boutique in New York - Photo : AFP. |
The group, whose designer Miuccia Prada is seen as a trailblazer for fashion worldwide, said that preliminary figures showed its operating profit for the fiscal year ended Jan. 31 improved from the previous year. It gave no details. Operating profit was better than its own forecasts that it made when its budget was completed, it said. Prada invested more than 120 million euros ($163.9 million) last year in its development plan, which was self-financed. In the previous year Prada made a net profit of 99 million euros, down 22 percent from the year before, on revenue of 1.65 billion euros. Prada denied a New York Post newspaper report last month that it was in talks to sell a stake to France's Compagnie Financiere Richemont SA (CFR.VX), the world's second-largest luxury goods group. ($1=.7320 euros) (Reporting by Ian Simpson; Editing by Greg Mahlich) |
Italian fashion house Prada is not in talks to sell a stake to Richemont, the world's second-largest luxury goods group, a Prada spokesman said, denying a newspaper report of a possible tie-up. 
Italian fashion house Prada is shortening temporary suspensions for some workers by three weeks after orders for its spring/summer 2010 clothes exceeded expectations by 10 percent. 
Coach Inc said it had hired the head of luxury brand Prada's U.S. operations to run its new Reed Krakoff division, which will sell clothing, handbags, shoes and jewelry. 
Italian fashion house Prada is not in talks over the sale of a minority stake. Media reports had mentioned potential third parties taking a stake in the fashion firm, whose designer Miuccia Prada is known worldwide for her trend-setting creations. 
The sovereign wealth funds of the emirate of Qatar are interested in taking a stake of around 30% in Italian luxury group Prada which has abandoned its planned offering on the stock market. 
Bankers for Italy's Prada fashion house have contacted Compagnie Financiere Richemont SA about the Swiss company taking a stake in it. 
Italian fashion house Prada is talking to banks about renegotiating its debt, Executive Vice President Carlo Mazzi said on Tuesday 16 June. 
Italian fashion house Prada said on Friday 12 June it had turned down an approach by investors interested in buying a minority stake. 
Director of operations and commercial director of Prada since the last quarter of 2007, Brian Blake is leaving the luxury house for personal reasons. 
Italian fashion house Prada closed 2008 in line with the previous year and plans further retail investments, Chief Executive Patrizio Bertelli said in a newspaper interview published on Friday 24 April. 
Prada could be in the process of restructuring its debt. This would allow the fashion house to free up funds to open new stores and continue to take advantage of new opportunities in the recession; in effect, a crisis strategy. 
Tightly zipped or held up by garters, thigh-high boots by Roberto Cavalli and Prada were the new must for the femme fatale at Milan Fashion Week on Sunday. 
Italian designer Miuccia Prada, whose trend-setting creations are worn worldwide, said she was looking at savings as the global financial crisis bites. 
Salvatore Ferragamo lit up the Milan catwalks with an exuberant collection for spring-summer 2009, full of neon shades and dramatic volumes, using bales of silk. 
Italian fashion designer Prada still has its sights on a public offering when market turmoil subsides, its chief executive Patrizio Bertelli said on Thursday, according to a spokesman. 
After years of speculation that Pope Benedict wears shoes by Prada, the Vatican's official newspaper denied such talk as "frivolous". 
Miuccia Prada's theme was lace for her womenswear show on Tuesday with heavy, Chantilly-style fabrics for a Spanish mantilla mood. 
Italian luxury goods group Prada said Wednesday, december 19th that it planned to be listed on the Milan stock market by the end of next year. 
After one of northern Europe's wettest summers on record, fashion designers showing in Milan this week are confidently predicting more seasonal sunshine next year for their airy, light-as-a-feather creations. 
A British billionaire is holding secret talks on buying Italian fashion house Prada, the "Sunday Times" reported. 
