Prada makes first direct acquisition of a tannery
Prada Group has announced that it had acquired the historic tannery French Tannerie Mégisserie Hervy Isle , near Limoges. The acquisition was made through a joint venture with the tannery Superior Spa of Santa Croce , a long time partner of the Prada group . The new company , which Prada has a majority stake , will be named Tannerie Limoges SAS. Prada plans to invest in adding skilled work-force as well as updating the production facilities, after almost one year of having been left derelict.
The transaction is part of vertical integration strategy of the supply chain and supply chain control , as well as emphasize the desire to preserve the historical values of the industry. The French tannery was founded in 1936 by an industrial company to be then taken over in 1986 by Michel Hervy .
Patrizio Bertelli , CEO of Prada group , said: “We are pleased with this acquisition ; it is a highly qualified and tanneries with a great tradition . We are also grateful to the French Ministry of Economy , Finance and Industry , which has enabled us to carry out this operation . ”