Prada sells Helmut Lang

Prada has sold its loss-making subsidiary Helmut Lang to Link Theory Holdings, the Japanese company which produces the Theory and Joie clothing brands, a spokesman for the Italian fashion giant announced.

The sale was the last act in Prada's restructurization program which in February saw it sell its German label Jil Sander to the British private equity company Change Capital Partners.

Prada acquired both Helmut Lang and Jil Sander in 1999 and neither proved profitable.

The Prada spokesman said the Italian group would now concentrate its energies on its four remaining brands: Prada, Miu Miu, Car Shoe and Assedine Alaia .

No price was given for the Helmut Lang sale but sector sources said the company was worth in the neighborhood of 50 million euros.

Prada stopped producing the Helmut Lang line last year following the departure of the company's Austrian founder, who gave his name to the firm.