Thursday, 7 January 2010

True Or False? Prada To Sell Minority Share To Richemont – 7/1/10

True – swears The New York Post.
False – says a Prada spokesperson.

We had a feeling of déjà vu as The New York Post revealed that Prada is close to closing a deal to sell a third of the company to Swiss luxury group Compagnie Financière Richemont SA. As we recall, the exact same rumour was denied by Prada last August (see the July 3 MO Down for details).

Both Bloomberg and Reuters have reported that Prada is not in talks with Richemont. The official word is that Prada “categorically denies the sale of a stake to Richemont. There are no negotiations in existence." But we do wonder why this rumour has reared its head again…

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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,