MILAN — Prada SpA has negotiated a three-year loan agreement of 360 million euros, or $454.8 million at current exchange, which will be used to refinance a long-standing debt and to propel the company’s retail growth, its top priority.
Prada is eyeing an initial public offering for the fourth time, possibly as soon as the first quarter of 2012. The timing coincides with the expiration of a 450 million euro, or $568.5 million, debt, which will partly be written off by this fresh loan, secured at lower interest rates.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"