Prada Sells Shoes, Not Shares

In spite of our own love for studded gladiator platforms and crushed velvet leopard dresses, Prada’s fallen pretty deep into debt, $1.5 billion worth
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In spite of our own love for studded gladiator platforms and crushed velvet leopard dresses, Prada’s fallen pretty deep into debt, $1.5 billion worth

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In spite of our own love for studded gladiator platforms and crushed velvet leopard dresses, Prada’s fallen pretty deep into debt, $1.5 billion worth of debt. And so it follows, naturally, that rumors would swirl about Miuccia’s plans to sell a stake in her brand. They’ve swirled for years actually, and just last week The New York Daily News hinted that Richemont, the Switzerland-based luxury goods group that owns Montblanc and Cartier, was about to buy a third of the company.

But both Richemont, and a Prada spokesperson deny the rumors. “The company categorically denies the sale of a stake to Richemont. There are no negotiations in existence," said the latter. If the sale had gone through, Richemont, the second largest luxury group in the world, would become a worthy rival of LVMH.