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Prada denies reports of possible sale

Italian luxury goods maker Prada SpA rebuffed rumors that it was for sale, a company spokesperson told fashion trade journal Women's Wear Daily.

The statement comes a couple of months after LVMH Moët Hennessy - Louis Vuitton SE, which has previously expressed interest in Prada, reached an agreement to acquire New York-based jeweler Tiffany & Co. in a
$16.2 billion deal. Sources reportedly said discussions between LVMH and Prada stopped over the summer after the two companies failed to reach a deal.

Meanwhile, Prada co-CEOs Patrizio Bertelli and his wife, creative director Miuccia Prada, met with Kering SA CEO François-Henri Pinault in Paris in December 2019, the magazine reported Jan. 17, citing sources familiar with the matter. The report also named Compagnie Financière Richemont SA as another party that may be looking to snap up the Hong Kong-listed company.

The Swiss luxury house, which has made a series of recent acquisitions, having purchased jeweler Buccellati Holding Italia SpA in late 2019 and online retailer YOOX Net-A-Porter Group SpA in early 2018, was also linked in a potential transaction with Prada a decade ago, according to the report. At the time, Prada reportedly denied media reports it was in discussions to sell a stake to Richemont.

Prada has since sold online merchandise through Richemont's Net-a-porter e-commerce portal and Germany's mytheresa.com GmbH.

Prada and Richemont did not immediately respond to S&P Global Market Intelligence's requests for comment.