Prada Statement: Lu Qiang'S Purchase Of 13%Prada Shares Is Not True.

July 14th, according to Chinese media recently reported that Mr. Lu Qiang has purchased 13% Prada group in the past two years.

94.89% of the Prada group shares are owned by the Prada family and the husband of Patrizio Bertelli, the husband of Miuccia Prada, and another 5.11% of the shares are held by Banca Intesa SanPaolo bank.

Event background

In April 2009, the bad news about PRADA began to appear. The earliest saying was that PRADA expanded the number of global stores in order to enhance competitiveness, but the public offering financing plan in 2008 was forced by the financial crisis.

In the summer of 2009, when PRADA had to repeatedly come up with a rumor on the news that it was too heavily indebted and had to sell shares, Lu Qiang's roundabout attack on the PRADA Empire had begun.

Chinese

Lu Qiang has bought a value of 20 million euros through an unidentified Italy consulting company, the newspaper said.

But Prada has raised the price since then.

The report quoted Lu Qiang as saying, "(Prada thinks) to hand over the company to China Management Association will damage the quality and style of the brand".

According to the report, Lu Qiang's acquisition team had planned to invest Prada 450 million euros by buying shares of the Italy fashion company's creditors.

But the cost of the takeover has risen to between 600 million and 700 million euros, the newspaper said.

Lu Qiang said that if he could not buy more shares on Monday, he would sell his existing Prada shares, and said, "I will sell all the shares held at present."

About Prada group

Prada group is a major luxury product in the world.

Prada group also operates in the form of franchise.