Changes are coming to Prada, on the business side of things, at least. Prada Holding, the Italian group that owns luxury labels Prada SpA and Miu Miu, will merge with its Luxembourg-based owner, Gipafin Sàrl in an attempt to simplify the group’s control structure. According to the South China Morning Post, upon the consolidation, which is set to be completed by December, Prada Holding (which currently holds an 80% in the company) will cease to exist and Gipafin Sàrl will be renamed Prada Holding Sàrl. Prada announced this today in a statement to the Hong Kong stock exchange, where its shares are listed. The statement further held that the consolidation of the two companies will not affect the Prada group’s operations. The announcement comes on the heels of a recent statement from the Milan-based design house that it is, in fact, under investigation for tax evasion. Italian prosecutors are investigating past individual tax filings of Prada SpA’s CEOs, Miuccia Prada and Patrizio Bertelli, making the two fashion executives the latest target of a government probe in the country.
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