MILAN — Prada SpA said Friday that it has inked a deal to sell 100 percent of Azzedine Alaïa Sas back to the namesake founder for an undisclosed price.
“I thank the Prada Group for its valuable and total support to the Alaïa brand during the last years,” Alaïa said in the joint statement. “I thank particularly and personally [Prada chief executive] Patrizio Bertelli for the attention and the sensitivity that he had and continues to have in support of my work and I wish him all the success he deserves for his group.”
Prada first struck a strategic alliance with the Paris-based designer back in 2000 and later acquired the fashion house as it attempted to build a multi-brand luxury empire. Prada has since sold off Helmut Lang and Jil Sander to concentrate on its Prada and Miu Miu brands.
For the year ended Jan. 31, Azzedine Alaïa posted sales growth of about 30 percent to 13.2 million euros, or $16.63 million.
Under the terms of the deal, Prada said it will continue to develop and produce footwear and leather goods for the brand.
Bertelli said that Prada and Alaïa’s collaboration has produced “significant results” for both parties.
"Today Azzedine Alaïa regains his independence, while maintaining a collaboration with our Group. For Prada, this agreement is in line with the strategy to expand the Group and grow profitability by focusing on the development of the core brands in the world's key markets,” Bertelli said in the statement.
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