MILAN — Still basking in the glories of Jil Sander’s triumphant return to the label she founded, Prada is turning its attention to matters decidedly less glamorous but just as critical to the house’s future: its debt.

Prada is renegotiating the terms of its $787 million convertible bond issue with banks, according to financial sources familiar with the negotiations. The fashion house must come to grips with paying back those bonds in 2005 if it fails to execute its long-awaited initial public offering.

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