Prada sells Jil Sander to Change Capital Partners

The Italian fashion giant Prada has agreed to sell its German label Jil Sander in order to focus on its Prada and Miu Miu brands. A statement from Prada said Jil Sander would be sold to the British private equity company Change Capital Partners but no price tag was mentioned.

In the statement Prada Ceo Patrizio Bertelli said he was sure Jil Sander's new owners would be able to provide the investment it needed in order to expand. The Prada chief wished the group and its new owners 'a future of success'.

The Hamburg-based fashion house was founded by German designer Jil Sander in 1975 and acquired by Prada in 1999. Over the past few years Ceo Gian Domenico Ferraris implemented a reorganization and restructurization plan which should put the fashion house on track to break even this year, with overall earnings of 140 million euros.

Change Capital Partners general manager Stephan Lobmeyr said he as 'very satisfied' with Jil Sander's operation and said their goal now was to 'work with management at Jil Sander to reinforce the label for the future'. 'We are convinced that we can field a winning team based the creative talent at Jil Sander and the managerial experience of Change Capital Partners', he added.

Ferraris said he and the fashion house were also pleased with the new arrangement and convinced that 'the resources and experience' of Change Capital Partners will allow Jil Sander to 'fulfill its potential for growth and ability to generate new business'.

(Source: Ansa)