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Prada denies investment from Chinese tycoon

Luxury fashion house Prada has denied that Chinese businessman Lu Qiang has invested in the company, following reports in the Chinese press.

Prada said in a statement: “Following the news reported by the Chinese media, alleging that Mr Lu Qiang acquired 13% of Prada’s capital in the course of the past two years, Prada denies such rumour, which has no ground whatsoever.

The statement confirmed that 94.89% of Prada’s capital is controlled by the Prada family and Patrizio Bertelli, the husband of designer Miuccia Prada. The remaining 5.11% is controlled by Italian bank Banca Intesa SanPaolo.

China’s Economic Observer newspaper reported last week that Lu, who is chairman of Shanghai-based factory outlet Foxtown, had indirectly acquired 13% of the business and was in talks to buy more shares with a view to becoming Prada’s controlling shareholder.

The paper also reported that Prada had more than doubled the asking price of the additional stake that Lu intends to acquire, after discovering his involvement in the transaction.

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