July 10, 2001
Prada has acquired Genny, the Italian fashion group that markets the Genny and Byblos brands of apparel. Both also have a line of eyewear, produced by Luxottica. Neither license is about to expire, and Prada, which is in partnership with De Rigo for its eyewear business, has no intention of terminating the current agreements. Last June 22, Prada exercised its option to acquire an initial 5 percent tranche of De Rigo's equity. Prada has an option to raise it up to 15 percent by the end of 2001.