The Prada Group announced Banca Intesa has acquired a 5% stake in its Italian luxury goods company through the underwriting of a â‚¬100m capital increase. At the same time, ITMD Investment BV, Prada Group’s holding company, has underwritten a â‚¬200m medium-term loan agreement. According to WGSN, Prada stated the agreements will allow the group to accelerate its investment plans aimed at the global development of its core brands, which include Prada, Miu Miu, Church’s, Car Shoe and Paris-based designer Azzedine Alaia.
Prada Group plans to take full ownership of Church’s, acquiring the remaining 55% stake currently owned by the private equity fund Equinox. a global expansion of Church’s, before its move to regain control of the vintage British footwear brand. The company further recruited recruited Agostino Ropolo, the former head of fashion and leather goods at LVMH in Italy, to open up Church’s stores on the Continent and in the United States and the Far East. Prada has a Netherlands-domiciled parent company, Prada Holding N.V.
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