Italian fashion group Prada SpA said Thursday it has agreed to sell its Jil Sander label to Change Capital Partners, a private equity firm specializing in branded goods and retail.
Prada did not disclose the agreed price for Jil Sander, which is on track to break even on an operating basis in 2006 on expected sales of more than Ђ 140 million (US$166 million).
"As we focus on the development of the Prada and Miu Miu brands, I am certain that Change Capital Partners will be able to provide the necessary investment to further grow the Jil Sander business," said Prada Chairman and Chief Executive Patrizio Bertelli.
German-born designer Jil Sander, the founder of the company, split with Prada in November 2004 over "strategic and financial" differences. Belgian designer Raf Simons was named new creative director for the label, known for a refined minimalist style.
He has won plaudits for his first women's collection presented at this week's Milan fashion shows, reports the AP.
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