Posted by Sara Zucker on January 6, 2010 03:57 PM
Prada is one of many luxury brands in debt, and speculation suggests the company may sell a minority stake.
The New York Post reports that jewelry conglomerate Richemont, owner of brands such as Montblanc, Cartier, and Van Cleef & Arpels, is contemplating plans to purchase one-third of the couture house. Thus far, however, the rumors have not been confirmed.
Last year, Prada approached Richemont about a possible partnership, but the brand was turned down because of its $3.8 billion price tag and $1.7 billion debt.Continue reading...