Tuesday, April 1, 2014

Prada buys pastry shop

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Prada buys pastry shop

Prada has bought up a famed Milanese pastry business in a new expansion.

Founded in 1824, the Pasticceria Marchesi is one of Milan’s most famous pastry shops. Now it has been gobbled up by a very hungry Miuccia Prada, whose company has taken an 80 percent stake in the business.

“Marchesi represents a symbol of Milanese excellence and I am happy we have stipulated this agreement with the family that founded the historic brand,” explained Miuccia’s husband, Prada CEO Patrizio Bertelli.

Fans of the store’s traditional pastries and high quality chocolates needn’t fear any hasty changes or rebrands: “our goal is to collaborate in an effective manner in its development and in full respect of its tradition,” Bertelli added.

The move comes as part of the brand’s wider expansion policy in Milan, including the financing of the restoration of the Galleria Vittorio Emanuele next to the Duomo, which will house the Fondazione Prada exhibition space.

And it’s also part of a bigger trend which sees fashion companies investing in upmarket snacks. Roberto Cavalli has opened a number of Cavalli Caffè locations, while Gucci also has cafés in Tokyo, Florence, and Milan.

A special branded Prada Café will appear as part of the upcoming Pradasphere event at Harrods in London in May.

Last year Prada apparently attempted to buy another celebrated pastry spot, the Pasticceria Cova on via Montenapoleone. The store was eventually acquired by rival luxury goods giant LVMH in June 2013.

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