Word: bertelli
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Last week her firm announced its intention to become a powerful business force as well. Under the careful eyes of Prada's husband Patrizio Bertelli, its managing director, the firm grabbed 5% of rival fashion house Gucci for a little more than $120 million. The acquisition, akin to Hyundai's biting off a tasty chunk of Honda, had many manicured hands scratching coiffed heads--including some at Gucci's Florentine headquarters, which released a terse statement: "No agreement has been entered into with the Prada group, and no discussions are contemplated. Gucci did not solicit this investment...
...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...
...Prada has gone from being a staid leather-goods firm to just about the most prized name in the apparel business. There are no clearance sales of Prada clothes; they can be hard to find at full price. The firm, run by Miuccia and her entrepreneur husband Patrizio Bertelli, has been cautious about expansion, but in the next year new outlets will be popping up--Atlanta; Costa Mesa, California; and the Bal Harbour district of Miami. The house now receives the ultimate accolade: it is widely copied. Several outfits in Calvin Klein's latest CK collection pay sincerely flattering tribute...
Dominick M. Bertelli '91-'92 also agrees, saying that he didn't think sanctions and negotiations were given enough of a chance, "but once you commit to this line of action, you can't turn back...