In a Prada Group earnings call in March, in between touting e-commerce sales growth of more than 200 percent for the 2020 fiscal year and citing “stronger retention, average order value, etc.,” as the group eagerly welcomed a younger generation of luxury-happy consumers, Patrizio Bertelli shared a bit of information that may ultimately prove to be the most telling of all. Addressing the enduring array of mergers and acquisitions that has been underway as the pandemic separates the mightiest from the lesser-so and enables cash-flush luxury giants to further bolster their holdings, Prada’s co-CEO said that the Milan-based group is “not planning to sell” Prada or its smaller brands. The potentially more compelling revelation, however, was that Prada may consider acquiring other brands, a statement that now appears to be more than a mere possibility.
Fast forward a few months and it seems that Prada is actively seeking out a deal that would enable it to build a bigger group under the watch of Mr. Bertelli, along with his wife and longtime Prada creative chief Miuccia, and their son Lorenzo Bertelli, 33. On the heels of stating in March that the family – which owns 80 percent of the Prada Group – was “open” to acquiring other brands, Bertelli is in talks with Mediobanca, Italy’s largest investment bank, about possible deals to take over an as-of-now unnamed brand, but likely one that Prada can acquire for cheap and relaunch under its ownership umbrella, according to a source for TFL.
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