Prada buys back Church's

Prada Group recently announced that it has bought back the 55 percent stake in British footwear brand Church's owned by private equity group Equinox. The Luxemburg-based Equinox had purchased the stake from the fashion group in 2003. Prada has herewith regained full control of the brand. "I am happy to acquire 100 percent of Church's," chief executive Patrizio Bertelli said in a statement. "It's a vote of confidence in our strategy for the past two years, which has led the Group to focus on its core brands and on the best opportunities to grow revenues and profitability."

Two years ago, after a series of acquisitions, the group decided to focus on its core brands with the biggest growth potential. As a result, some of its brands, including Jil Sander, were sold to private equity firms.

Church's has stores in 40 countries, of which 26 are directly operated. Revenues for 2006 were estimated at 62 million, up from 56 million the year before. In its statement, Prada said it intends to "accelerate" the growth of Church's by doubling the number of its retail stores within the next three years. Store openings are planned for the Far East, Japan, Europe and the US. Former LVMH executive Agostino Ropolo has been spearheaded to manage retail development.