Prada Group, the holding company listed on the Hong Kong Stock Exchange has agreed to buy the four Prada stores in Milan for EUR 66 million from Fratelli Prada, the co-founders of the Prada house. Fratelli Prada is owned by Miuccia Prada, Alberto Prada and Marina Prada Bianchi.
The stores being sold include Prada’s first ever store at Galleria Vittorio Emanuele in Milan, which the brand opened in 1913, two stores in Via Montenapoleone and one in Via Spiga. In a statement, the company said this “will be an important step in further developing and extending the group’s brand identity.”
Although Prada has seen rising sales, their stock has fallen six percent this year. Like many luxury brands, Prada can expect a potential hit to their growth due to ongoing protests in China.