Prada, based in Milan, that has been know with their black bags and triangular logo, has three times in three years postponed efforts to sell shares to the public. Yesterday, Prada Holding agreed to sell Helmut Lang, that has not been profitable fashion house since it bought in 1999, to the Link Theory Holdings Company of Japan.
Prada said on Feb. 23 that it had agreed to sell Jil Sander to Change Capital Partners, a London-based private-equity company headed by Luc Vandevelde, the former Marks & Spencer Group chairman.
Named after its Austrian-born founder, Helmut Lang, has not had a profit since its chief executive, Patrizio Bertelli, and its designer, Miuccia Prada, bought it about seven years ago.
In 2005 after Mr. Lang left the business, Prada closed its Helmut Lang boutiques and stopped making products under the label. Together with Jil Sander, the brand contributed to Prada’s loss of 62 million euros for 2004.
The announcement was made by Prada after the Japanese market closed and Link Theory sells clothes under the Theory and Joie brands.
Prada, which is based in Milan, did not give the value of the sale transaction in an e-mailed statement. Armando Branchini, vice president of Intercorporate, said, “This is a liberation for Prada.” Intercorporate is a consulting company in Milan who estimates Helmut Lang’s value at about 50 million euros ($60 million). The deal follows Prada’s sale last month of the German fashion house Jil Sander and completes a plan to focus on its own brands, which include Miu Miu and Car Shoe.
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