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Investing.com -- Luxury group Prada (OTC:PRDSY) announced on Thursday that it has purchased a 10% stake in Italian leather company Rino Mastrotto.
This acquisition is part of Prada’s strategy to increase its control over its production process.
As part of the agreement, Prada will transfer two of its tanneries to Rino Mastrotto. These include Conceria Superior in Italy and Tannerie Limoges in France.
Prada also stated it would be making a cash investment as part of the deal. However, the exact amount was not disclosed.
Prada’s Chairman, Patrizio Bertelli, explained the rationale behind the investment in a statement. He said, "Investing in Rino Mastrotto allows our group to strengthen its control over a highly strategic phase of the production process".
This move is expected to enhance Prada’s control over its supply chain, particularly in the leather production phase.
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