Harris Associates reduces its stake In Prada

Harris Associates has reduced its stake in Prada in a moment when the European luxury retailer fights to keep its turnaround plan on track. The US equity firm first invested in Prada in late 2014.

The known as an activist investor, sold more than two million shares in Prada last week, reported ‘The Times’ over the weekend. With this divestment, Harris has taken its holding from more than 7 percent to 6.95 percent.

About a year ago, Harris Associates LP recorded its first notice in high-end leather goods and fashion brand Prada SpA (1913.HK) [MKT CAP 93B] since it became a substantial shareholder in November 2014 with a purchase-related filing on July, 16 of one million shares at 35.95 dollars each.

Back then, the operation increased its holdings to 153.855 million shares or 6.01 percent of the issued capital. It is noteworthy that the filing was made on the back of the 31 percent drop in the share price, recalls ‘Asia Insider’.

It is the first sale of Prada shares by Harris since it acquired a 5 percent stake in 2014.