MILAN — Just days before its IPO road show is slated to start, Prada said fashion and beauty titans Luciano Benetton and Manuel Puig are joining the company’s board. The group also said it is buying the remaining 25 percent of Jil Sander.
This story first appeared in the June 26, 2002 issue of WWD. Subscribe Today.
Chief executive Patrizio Bertelli is beefing up the board with executives from outside the Prada family to woo investors with more independent management. This month, Prada formed a joint venture with Spain’s Puig to make perfumes and skin care products under the Prada brand. Manuel Puig heads the Spanish firm’s prestige beauty division. Franco Tato, the former chief executive of electric group Enel, also joined Prada’s board this month.
Separately, Prada also said it has agreed to buy the remaining 25 percent of the ordinary shares of Jil Sander from the designer at an undisclosed price. Prada will buy the shares in July; It had an option to buy that 25 percent stake.”