MILAN (Reuters) - Luxury fashion group Prada's leading shareholder Patrizio Bertelli said on Wednesday he was "very cautious" about the possibility of making acquisitions, although the group is ready
Prada's Bertelli Expresses Caution on Potential Acquisitions
MILAN (Reuters) - Luxury fashion group Prada's leading shareholder Patrizio Bertelli said on Wednesday he was "very cautious" about the possibility of making acquisitions, although the group is ready to look at potential opportunities.
"Relaunching a brand is difficult, in the early 2000s we bought Jil Sander and Helmut Lang and we made strategic mistakes," Chairman Bertelli, who controls Prada along with his wife Miuccia Prada, said in a interview with La Repubblica daily.
Prada was linked with possible deals for fellow luxury brands Versace and Jimmy Choo, according to several reports.
An acquisition of Versace would create a company with a broader base that is more resistant to business cycles, but reviving the targeted brand could take years and hit short-term profits.
The luxury group CEO Andrea Guerra on Tuesday gave no details of potential tie-ups but suggested it was open to opportunities.
(Reporting by Sara Rossi, editing by Cristina Carlevaro and)
