Prada Rules Out Armani Bid, Prioritizes Versace Integration and Turnaround
Prada's Strategic Focus and Market Position
Prada's Commitment to Versace Revitalization
MILAN, Sept 15 (Reuters) - Italian luxury group Prada is focused on reviving the Versace business, which it acquired last year, and it is not considering a bid for rival Armani, Chief Executive Andrea Guerra told Reuters.
Armani Stake Sale and Market Speculation
The comments come as the Armani fashion house prepares for a sale of a 15% stake in the company, a year after the death of its founder, Giorgio Armani.
CEO Andrea Guerra's Statement on Acquisition Plans
"Armani is not on our radar. Today we are busy with many other things, including the evolution of Versace, so it is not on the agenda," Guerra told Reuters in an interview.
Versace Integration and Future Outlook
He added that since the Versace acquisition Prada had focused on integration, synergies and efficiencies but attention had shifted towards the brand's future over the past three months. The first runway show by its new designer Pieter Mulier is expected in January.
Innovation and Product Development Prospects
Asked about the possibility of launching smart glasses under one of the group's brands, Guerra said he did not see that happening in the "near future".
Previous Talks on Smart Glasses
Last year Prada's Lorenzo Bertelli said the group held "exploratory talks" with licensing partner EssilorLuxottica over the potential development of smart glasses under its brands, but no decision had been made.
(Reporting by Elisa Anzolin and Valentina Za Editing by Keith Weir)
