Prada heir says group always looking for M&A opportunities

Prada SpA

07/05/2024 11:17

TORGIANO, Italy, May 7 (Reuters) - Italian luxury group
Prada  1913.HK  is always looking out for acquisition
opportunities, Lorenzo Bertelli, son of the group's founders,
said on Tuesday.
    
    KEY QUOTES
    "The Prada group is and will always be looking around for
opportunities", Bertelli, who serves as Prada's marketing
director, told reporters at a company event in Umbria, when
asked whether the group was interested in acquiring Armani or
other brands. 
    
        
    WHY IT IS IMPORTANT 
    Giorgio Armani told Bloomberg in an interview last month
that he did not rule out a merger or a listing for its company
in its succession plans, rekindling speculation about the future
of the Italian fashion group. 
    
    CONTEXT 
    Prada is planning to invest around 70-80 million euros
($75-86 million) per year on industrial plants, a sum which does
not include potential acquisitions to bring suppliers in-house,
which are increasingly important for the group, CEO Andrea
Guerra said at the same event in Torgiano, near Perugia. 
    Italian fashion group Prada hired former Luxottica chief
Guerra to smooth the transition to the next generation of the
family, with Lorenzo Bertelli, son of founders Miuccia Prada and
Patrizio Bertelli, expected to take the helm of the group in the
future.

($1 = 0.9298 euros)

 (Reporting by Elisa Anzolin, editing by Alvise Armellini and
Tomasz Janowski)
 ((alvise.armellini@thomsonreuters.com;))