Word: prada
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...economy, hold the key to what happens next. And data released last week were encouraging on that score. Most major retailers said sales surged in July, for the seventh straight gain this year. "Our customers are happy to pay $3,000 for a Chanel suit or $800 for a Prada bag," says Nancy Husted, a spokeswoman for Denver's Neiman Marcus store. In Washington the Federal Reserve found vigorous spending across the country on items from housing to air travel. Barbara Szosz, a North Carolina travel agent, reports that her clients are traveling more, and more expensively, with trips...
...profits growth for 1997 would be lower than expected, Gucci stock plummeted almost 20% in one day. Sure enough, the company announced last week that this year's first-quarter net profit had dropped 10% from last year, from $48 million to $43.1 million. On top of this, the Prada purchase has highlighted Gucci's lack of defenses against a hostile takeover...
...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 house like LVMH, the French conglomerate that specializes in the whims of the very wealthy, from Louis Vuitton luggage to Christian Dior gowns...
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...
What he is most likely trying to do is continue the steady upward and outward trajectory he has plotted for Prada. And Miuccia Prada--the onetime aspiring communist--has evidently embraced her husband's capitalist dreams...