tag:blogger.com,1999:blog-80399098918193176842011-07-31T01:13:34.320-07:00exporttoitalyhttp://www.blogger.com/profile/02576864897549816635noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-8039909891819317684.post-82763236740313739162010-01-08T07:39:00.000-08:002010-01-08T07:40:12.714-08:00MILAN (Reuters) - Italian fashion house Prada is not in talks to sell a stake to Richemont (<a href="http://www.reuters.com/finance/stocks/overview?symbol=CFR.VX">CFR.VX</a>), the world's second-largest luxury goods group, a Prada spokesman said on Tuesday, denying a newspaper report of a possible tie-up.<br /><a href="http://www.reuters.com/finance/deals">Deals</a> <a href="http://www.reuters.com/places/italy">Italy</a><br />The New York Post reported on Tuesday that the fashion house, whose designer Miuccia Prada is seen as a trailblazer for fashion worldwide, was nearing a deal to sell about a third of the label to Switzerland's Richemont.<br />Citing sources, it said Richemont was expected to take a passive stake in a deal which would create a luxury powerhouse to rival France's LVMH (<a href="http://www.reuters.com/finance/stocks/overview?symbol=LVMH.PA">LVMH.PA</a>). "The company (Prada) categorically denies the sale of a stake to Richemont," a Prada spokesman said. "There are no negotiations in existence."<br />Richemont was not immediately reachable for comment.<br />Prada has previously denied it was in talks over the sale of a minority stake.<br />In August, an Italian newspaper said its bankers had contacted Richemont about the company taking a stake in it.<br />Prada has a debt of more than 1 billion euros ($1.5 billion), media reports have said, divided between that owed by its industrial operations and that owed by its holding company.<br />In the summer, its holding company agreed with banks for an extension on debt repayments.<br />Prada, almost exclusively owned by Miuccia Prada and her partner, Chief Executive Patrizio Bertelli, has had its sights on a public offering in the past but attempts in the last few years have been pulled because of market conditions.<br />Richemont is the group behind Cartier jewelry and Montblanc pens. Its shares were down 0.1 percent to 35.52 Swiss francs at 1027 GMT.<br />"Richemont has made no secret it would like to build a profitable soft luxury business and taking a Prada stake may be of interest," Kepler Capital Markets analyst Jon Cox said.<br />"But to be honest its track record in the soft segment has been poor compared with the fantastic job it has done in hard luxury, namely Cartier and watches."<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8039909891819317684-8276323674031373916?l=exporttoitaly.blogspot.com' alt='' /></div>exporttoitalyhttp://www.blogger.com/profile/02576864897549816635noreply@blogger.com0