Prada Invests $130M in Hong Kong's Sitoy Group, Boosting Supply Chain
Prada is set to expand its portfolio with a significant investment in Hong Kong-based handbag manufacturer Sitoy Group. The Italian luxury goods giant has agreed to acquire a 19.6% stake in the company, which is poised to begin trading publicly with a valuation of $130 million.
The acquisition, if finalised, would align with Prada's recent strategic moves, such as purchasing Swiss watch component maker ArteCad and leather processor Heng Long International. Sitoy Group, established in 1968, has long been a supplier to Prada, indicating a strong existing relationship.
Sitoy Group, despite its notable clientele, appears to have a relatively low public profile. Details about its founders or management team may not be widely available. Interested parties may need to consult the company's official website or overarching business information services for further insights.
Prada's investment in Sitoy Group, if successful, will strengthen its supply chain and potentially open new avenues for growth. The transaction, valued at $130 million, underscores Prada's commitment to vertical integration and strategic partnerships in the luxury goods sector.
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