Word: bertelli
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Dates: during 1990-1999
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...idea of a Prada takeover of Gucci would have seemed risible 20 years ago, when Gucci was among the world's great brands and Prada was a leather-goods firm with a boutique in one of Milan's historic shopping arcades. But since Prada and Bertelli united--in marriage and business--in 1987, they have turned a respectable business into fashion's most watched house. They added footwear, women's ready-to-wear, a younger collection called Miu Miu, menswear, underwear and sportswear. Prada's design sense has made her the most influential designer of the decade, with a ripple...
...Milan has grown into a Prada empire of 120 shops around the world. Last year the firm opened 27 flagship stores and 13 in-store boutiques. This year it is planning 15 Prada stores (in such places as Chicago and Taipei) and five Miu Miu shops. According to Bertelli, Prada had a pretax profit of $130.1 million on revenues of $674 million last year. This year he expects $150 million on sales of $824 million--tidy numbers for a family firm...
There is no love lost between the two houses. In an interview last year, Bertelli accused Ford of stealing his wife's ideas: "They did black nylon bags and put their bamboo handles on them; they did our high-gloss calfskin--they started using all our materials," he said. "It doesn't make sense. Gucci should follow its own strategy, not mine." Such bluster, says a Gucci spokesman, is common among fashion designers. Ford and De Sole have ignored...
...just what is Bertelli's plan? According to the Italian newspaper La Repubblica, Bertelli said he had not donated $120 million to charity. "I sent them a very clear message: let's make the move official, let's discuss possible collaboration between our two companies," he said. "I own a private company, and I can't be taken over. Here's what I'm telling them: let's merge the two companies so Gucci will no longer be subject to a takeover." He later denied part of this, but he has talked before of turning Prada into a multinational, multibrand...
...Bertelli's latest bid, says an Italian financial analyst, leaves little downside for Prada: "He's in a win-win situation. He's probably trying to put together a group so that he can go to a shareholders' meeting with 10% to 15% of the company. Given the broad ownership of Gucci, that would put him in a position to wield some power. If that doesn't work, at least he's put the company in play and could make $10 million or $20 million off the deal." There is even talk that Bertelli, a sailing fan, is just fund...