Prada: stock exchange listing has only been postponed

During the fashion system convention organized by the Banca Intesa and by Pambianco Strategie di Impresa, Patrizio Bertelli, boss of the Prada group, spoke about the group's entry on the stock exchange: "Prada's listing has only been postponed and it is still part of our plans."

The plan could come into effect next year. In the meantime the group's finances 2003 have clearly improved: net profits could almost double from the 27 million euros of the previous financial year to about 50 million at the end of this year, while indebtedness should be reduced by 943 to around 650 million.

In the first nine months of the year, Prada rationalized its costs without affecting investments in new stores and it has divested itself of non-strategic assets, including some of its fixed assets and part of Church's. 'We are defining the sale of 55% of Church's to the Equinox fund', explained Bertelli, 'but we will maintain the majority of members on the board of directors'.

Bertelli then talked about the eyewear agreement with Luxottica: 'We are very pleased and positive about the agreement that's been signed with Leonardo Del Vecchio. However, the acquisition of a share in Luxottica is not being looked into'; this is the situation with De Rigo in which Prada still holds a 5% share due to expire 2004. 'For the moment nothing has been decided about the share in De Rigo', said Bertelli, 'we hope to remain shareholders.'