Wednesday, 14 July 2010

Rumour: Chinese Businessman Owns 13% Of Prada - 14/07/10

Is it true or false, that a Chinese business tycoon has been slowly (and secretly) purchasing Prada SpA shares over the past couple of years, to the point that he owns 13% of the company? It was reported by a Shanghai newspaper that the man in question Lu Qiang, had been buying shares through “an unidentified Italian consulting firm, which he had acquired for 20 million euros (US$25 million)”

His plan from there was to “invest 450 million euros (US$566 million) in Prada by buying shares from the Italian fashion icon's creditors.” Recent reports have claimed Lu Qiang may change his plans, due to Prada raising the cost of the acquisition between 600 million and 700 million euros.

Prada have claimed the rumours to be ‘totally unfounded’. Other rumours were circling recently concerning Prada considering an IPO.

Image credit: prada.com

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Posted by MO at 6:00 am
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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, www.moluxury.com.au