Wednesday, 17 June 2009

Prada Begs The Banks To Back Off – 17/6/09

Earlier this week, we reported that Prada is not for sale (see The MO Down for 12/6). Well, the latest news from the Financial Times is that the luxury group is in talks with the banks about debt renegotiation. The rumour is that they urgently want to free up some cash to finance store expansion plans.

The article,
Prada Asks Banks To Ease Terms On Debt, claimed that Prada’s CEO
Patrizio Bertelli “said earlier this year that he would seek to position the group to emerge as a winner from the recession through continued expansion.”

We promise to keep an eye on Prada’s finances, and in the meantime, fingers crossed that the banks are feeling generous!

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Who's behind the MO DOWN

Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury,