Banks Back Prada

Italian luxury brand Prada has been give the support of four Italian banks as it seeks to float within the next two years.

Meanwhile, the Italian group has announced plans to sell a 55 per cent stake in English shoe brand Church's - which it purchased recently - to the investment group Equinox in a move aimed at cutting its net debt. At the end of 2002 the debt was GBP662.6 million.