MILAN, Italy, Nov. 30 (UPI) -- Prestigious Italian fashion label Prada has reached a preliminary agreement with a pool of Italian banks to provide up to $500 million.
The long-term financial support that chief executive officer Patrizio Bertelli said was needed for the company's development strategy.
Bertelli did not confirm widespread industry speculation that the money would help prepare the company for a public flotation next year.
Prada has withdrawn three flotation attempts in the last three years of sagging global share prices.
Four Italian banks, Banca Intesa, Unicredito, Centrobanca and Banca Popolare di Lodi, are backing Bertelli's strategy, which is expected to lead to an ambitious global expansion -- and more shopping options for fashionistas who see Prada's bags, shoes, and clothes as don't-leave-home-without-them essentials.
Prada's new collection for 2004 features full skirts depicting Venetian gondolas.
