Prada chief rules out big acquisitions

Prada News

Prada chief rules out big acquisitions
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Andrea Guerra suggests Italian luxury group is not looking to snap up competitors such as Armani or Versace

Large-scale acquisitions are not on the horizon for the Prada Group, according to the luxury company’s chief executive Andrea Guerra.. Photograph: Manaure Quintero/BloombergLarge-scale acquisitions are not on the horizon for the Prada Group, according to the luxury company’s chief executive Andrea Guerra.

In April Prada reported that Miu Miu’s net retail sales jumped 89 per cent year on year in the first quarter, pushing up group sales. Its main Prada brand is also growing despite a recent slowdown in the luxury sector.Nadia Calvino: Ireland is a success story of what EU membership can bring Mr Guerra also said on Monday that a dual listing in Milan, which the group had been considering since 2022, was no longer “a priority” for shareholders. Prada listed in Hong Kong more than a decade ago and had recently been aiming to diversify its investor base through a listing in its home city.

The likes of Versace and Armani are said to be potential targets for the group. Versace owner Capri, which also owns Jimmy Choo and Michael Kors, agreed a $8.5 billion sale to rival Tapestry last year, but is now in a US regulator’s crosshairs.

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