Retail in Asia

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Prada denies investment from Chinese tycoon

A mainland retail tycoon with a history of copyright infringement has claimed he is bidding to become the biggest shareholder of Italian fashion giant Prada.

Lu Qiang , chief executive of FoxTown (China), said in an interview published in the mainland newspaper the Economic Observer yesterday that he had built up a 13 per cent stake in Prada over the past two years and was aiming for 20 per cent.

However, the iconic fashion house has rejected the assertion, saying in a statement there was "no ground whatsoever" for the claims.

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(Source: SCMP)