Prada Group news and archive

Prada buying Versace buy is a win-win for Italian luxury

When Prada this week confirmed its acquisition of Versace for 1.25bn euros it was both a business transaction as much as a symbolic repatriation of Italian heritage. As the dominance of French conglomerates LVMH and Kering has become the established order in luxury fashion—owning Italian crown jewels from Fendi to Gucci—the Prada Group's...

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It's official: Prada acquires Versace for 1.25 billion euros

Italian fashion group Prada is officially the new owner of Versace. As the fashion world already predicted, Prada Group and Capri Holdings Limited have just announced that Versace has been acquired for 1.25 billion euros. Prada Group will take over 100 percent of Versace’s shares in a transaction financed by 1.5 billion euros of new debt...

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Prada appoints Markus Hoogeveen as new Retail Director Central Europe

Prada has a new Retail Director for Central Europe. The Italian fashion group has appointed Markus Hoogeveen to the role of Retail Director Central Europe, according to his profile on the career network LinkedIn. Hoogeveen has already held his new role since January. For Hoogeveen, it is a return to Prada, as he already worked for the Italian...

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Prada continues investing in property with landmark Bond Street deal

Prada is once again placing a strategic bet on bricks-and-mortar retail, with the Italian luxury group reportedly close to acquiring the prestigious London property housing its Miu Miu boutique on New Bond Street. According to reports in WWD, Prada Holding is nearing a deal with asset manager M&G Investments to purchase the building for...

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Prada Group: Net revenues up 17 percent in FY 2024

Prada Group to grow net revenues in 2024. The company, which owns the brands Prada and Miu Miu, Church's, Car Shoe, Marchesi 1824 and Luna Rossa, recorded net revenues of 5.4 billion euros, 17 percent compared to 2023, above the market average. Strategic capacity and product quality, despite the challenging sector, are the basis of growth, as...

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Miu Miu momentum fuels Prada Group revenue

Italian luxury conglomerate Prada Group reported a 15 percent rise in Q3 revenues to 3.8 billion euros, driven by a stellar 97 percent jump in Miu Miu sales. The brand's momentum continued to power the group's performance, offsetting a more modest 4 percent increase at the flagship Prada label. Retail channels led the growth, up 18 percent in...

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Prada Group increases annual profit by 44 percent

The Italian fashion group Prada SpA can look back on another successful financial year thanks to the unbroken popularity of its Prada and Miu Miu brands. On Thursday, the company announced that it was also able to achieve significant growth in sales and earnings during 2023. Accordingly, the Prada Group's consolidated turnover last year totalled...

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Prada Group and UNFPA expand Fashion Expressions programme to Mexico

Luxury conglomerate Prada Group has announced an extension of its women’s empowerment programme with the United Nations Population Fund (UNFPA) to the country of Mexico. The training programme, dubbed ‘Fashion Expressions: The Stories She Wears’, is designed to leverage fashion as a means to promote both women’s empowerment and sexual...

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Prada Group joins Sustainable Markets Initiative’s Fashion Task Force

Italian luxury conglomerate Prada Group has announced that it has joined the Fashion Task Force of King Charles III’s Sustainable Markets Initiative, an organisation the British monarch founded in 2020 when he was Prince of Wales. The task force, which is chaired by former chairman and CEO of YNAP, Frederico Marchetti, aims to develop and...

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Sea Beyond: Prada Group and Unesco introduce educational programme in 56 countries

Recently, Unesco and the Prada Group announced the third edition of their ‘Sea Beyond’ educational programme for secondary school students. The two partners have expanded the programme this year so it reaches 34,000 students in 56 different countries. The aim of the Sea Beyond programme is the dissemination of knowledge on the oceans and their...

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Prada inks JV with SSI to expand presence in the Philippines

Prada Philippines, Inc. is a newly formed joint venture company owned 60 percent by Prada S.p.A and 40 percent by SSI Group’s Stores Specialists, Inc. The JV company will own and operate Prada stores in the Philippines. SSI Group said in a filing with the Philippines Stock Exchange that the joint venture partnership is expected to accelerate the...

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Prada Group joins UN Global Compact initiative

Luxury conglomerate Prada Group has announced that it has joined the United Nations Global Compact initiative, which is centred around the development, implementation and disclosure of responsible business practices. The project calls on members to align their operations and strategies with 10 principles within the topics of human rights, labour...