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Sander’s departure comes as Prada attempts to reduce the debt it built up in the mergers-and-acquisitions frenzy of years past, purchasing labels such as Helmut Lang, Jil Sander, Car Shoe and Azzedine Alaïa. Prada has said it wants eventually to go public and list shares on the stock exchange by June 2005, when 700 million euros, or $906.3 million at current exchange rates, of its convertible bonds expire.
Prada’s net financial debt stood at 675 million euros, or $873.9 million, at the end of last year, and the company’s goal is to cut the debt to 300 million euros, or $388.4 million, by the end of this year.
— With contributions from Alessandra Ilari and Courtney Colavita, Milan, and Melissa Drier, Berlin