Prada Heir Says Italian Luxury Group Is Open to Doing More M&A [BNN Bloomberg (Canada)]
PRADA SPA UNSP/ADR (PRDSY)
NASDAQ:AMEX Investor Relations:
pradagroup.com/en/investors/investor-relations/shareholder-info.html
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Source: BNN Bloomberg
“We have been and will always be open to considering opportunities,” Bertelli told reporters Tuesday at the opening of a knitwear factory in Torgiano, Italy. Bertelli, the son of company founders Patrizio and Miuccia Prada, declined to comment specifically when asked about one potential target that could arise in coming years, Giorgio Armani SpA. Bertelli, who is head of social responsibility for Prada, said he wasn't aware of founder Giorgio Armani's plan for his business. Armani last month hinted at possible changes for his Italian fashion empire once he's no longer in charge. The Italian design impresario, who is approaching his 90th birthday, told Bloomberg News then that he wouldn't rule out a merger for his fashion empire. Read More: Giorgio Armani Doesn't Rule Out Merger or IPO In Succession Plan His comments fueled speculation about the future of the Italian luxury industry, where many companies are still independent and family-controlled — including Salvatore Ferraga
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