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Prada quashes speculation it is seeking a partner

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Prada has quashed rumours it is seeking a partner to take a minority stake in the business.

A spokesman for the Italian fashion house said “there are no talks with anyone” following speculation Prada’s banks were seeking a partner to take a 30% slice of the group.

Italian newspaper La Repubblica reported earlier this month that Prada’s banks, including Intesa Sanpaolo and UniCredit, had been in talks with Swiss luxury goods firm Compagnie Financiere Richemont, which owns Cartier and Jaeger-LeCoultre.

Business newspaper Il Sole 24 Ore had said the Qatar Investment Authority was interested in acquiring a stake.

In June, Prada revealed it had turned down approaches from private equity firms seeking to make an investment.

Prada has come close to becoming a public company in recent years, but has cited unfavourable market conditions for a failure to issue shares on a stock exchange.

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