Prada SpA on Tuesday acquired shares in Fratelli Prada from Miuccia Prada Bianchi and Bellatrix SpA for an amount totaling 66 million euros ($73.7 million).
The designer holds the co-CEO title at the Prada company with her husband Patrizio Bertelli. The transaction has led to the termination of the Jan. 25, 2017, franchise agreement with Fratelli Prada, which ends on Jan. 31, 2020.
Following the acquisition, Fratelli Prada has become a wholly owned subsidiary of the Milan-based fashion company, which is listed on the Hong Kong Stock Exchange.
The Prada stores in Milan have historically been operated by companies that are connected to the Prada family, but in 2009 the group entered into a franchise agreement in relation to the Prada stores based in Milan with five companies that operated the stores and their controlling entity. All subsequently merged with Fratelli Prada.
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