Prada Acquires 10% Stake in Italian Leather Group Rino Mastrotto
Prada said on Thursday it acquired a 10 percent stake in Italian leather group Rino Mastrotto, as the luxury group aims to tighten its grip over the production process.
Under the deal, Prada will confer to Rino Mastrotto two tanneries — Italy's Conceria Superior and France's Tannerie Limoges — and said it will make a cash investment, without specifying the figure.
'Investing in Rino Mastrotto allows our group to strengthen its control over a highly strategic phase of the production process,' Prada's chairman Patrizio Bertelli said in a statement.
Rino Mastrotto, backed by private equity firm Renaissance Partners, produces leather for the luxury, automotive and interior design sectors.
By Elisa Anzolin
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Will Prada's Versace Bet Pay Off?
Prada is adding one of Italy's most famous brands to its stable at an attractive price. But the group is also piling on complexity in a difficult luxury market.
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