MILAN, June 5 (Reuters) – Prada (1913.F), said on Thursday it acquired a 10% stake in Italian leather group Rino Mastrotto, as the luxury group aims to tighten its grip over the production process.
Under the deal, Prada will confer to Rino Mastrotto two tanneries – Italy’s Conceria Superior and France’s Tannerie Limoges – and said it will make a cash investment, without specifying the figure.
“Investing in Rino Mastrotto allows our group to strengthen its control over a highly strategic phase of the production process”, Prada’s Chairman Patrizio Bertelli said in a statement.
Rino Mastrotto, backed by private equity firm Renaissance Partners, produces leather for the luxury, automotive and interior design sectors.
Reporting by Elisa Anzolin