MILAN, Sept 13 (Reuters) - Italian fashion house Prada said on Monday it had taken full control of footwear and accessories brand Car Shoe as it moves to widen its international reach.
Prada bought a 51 percent stake in Car Shoe, known for its pebble-soled driving shoes, in 2001.
The acquisition was seen by many as a move to compete with high-end shoemaker Tod's. Prada raised its stake in Car Shoes to 55 percent last year.
Prada will open a new Car Shoe store in Hong Kong in addition to three shops in Italy and a boutique recently opened in Singapore. Car Shoe is sold in 250 points of sale globally.
'We received an offer from our partner and we took the opportunity to take full control of the brand,' the spokesman said, without providing financial details.
Prada, which also owns owns top-selling brands Miu Miu and Church's, posted a 29 percent rise in first-half revenues, driven by strong retail sales in Asia, the United States and Europe.
The group, which has said it may float when markets recover, signed a three-year loan agreement for 360 million euros with banks in July to refinance maturing debt.
(Reporting by Antonella Ciancio, Editing by David Cowell) Keywords: PRADA/CARSHOE (antonella.ciancio@thomsonreuters.com; +39 0266129722; Reuters Messaging: antonella.ciancio.reuters.com@reuters.net.) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Prada bought a 51 percent stake in Car Shoe, known for its pebble-soled driving shoes, in 2001.
The acquisition was seen by many as a move to compete with high-end shoemaker Tod's. Prada raised its stake in Car Shoes to 55 percent last year.
Prada will open a new Car Shoe store in Hong Kong in addition to three shops in Italy and a boutique recently opened in Singapore. Car Shoe is sold in 250 points of sale globally.
'We received an offer from our partner and we took the opportunity to take full control of the brand,' the spokesman said, without providing financial details.
Prada, which also owns owns top-selling brands Miu Miu and Church's, posted a 29 percent rise in first-half revenues, driven by strong retail sales in Asia, the United States and Europe.
The group, which has said it may float when markets recover, signed a three-year loan agreement for 360 million euros with banks in July to refinance maturing debt.
(Reporting by Antonella Ciancio, Editing by David Cowell) Keywords: PRADA/CARSHOE (antonella.ciancio@thomsonreuters.com; +39 0266129722; Reuters Messaging: antonella.ciancio.reuters.com@reuters.net.) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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