Prada acquires century-old store PasticceriaMarchesi Cafe

Prada SpA got something else after failing to buy cafe Cova. On March 14, Prada SpA issued a statement announcing the acquisition of another 100-year-old Pasticeria Marchesi operator MarchesiAngelo S.r.l. 80% stake. The two sides did not disclose the specific transaction price.

Marche si Angelo Cafe was founded in 1824 and is currently run by Angelo Giovanni Marchesi and his wife Maria Rita Lacchini. Angelo Giovanni Marchesi will remain as Marchesi Angelo S.r.l. General manager.

Prada SpA (1913.HK) said in a statement that it would upgrade the Pasticeria Marchesi brand and combine it with the group's leather brands Prada and Miu Miu, and that the transaction was part of the group's plan to strengthen the Galleria Vittorio Emanuele II gallery project.

Prada SpA (1913.HK) had approached Pasticeria Confetteria Cova S.r.l. in early 2013, But then lost to LVMH Moët Hennessy Louis Vuitton SA (LVMH.PA) Moët Hennessy Louis Vuitton Group, for which the two sides also went to court. Prada said that according to the negotiation letters between itself and Pasticeria Confetteria Cova S.r.l.'s former controlling family Faccioli family, it had actually constituted a real estate transaction with Cova Cafe, which was legally binding, so it asked the court to seize Cova's property, but lost.