A few years back, an experienced Italian dealmaker with a string of successes under his belt tried to get Giorgio Armani and Prada’s chief executive Patrizio Bertelli to talk to each other.
The idea was for the two big players in Italian luxury goods to merge, creating a luxury powerhouse able to take on the sector’s global leaders LVMH, PPR and Richemont.
“We couldn’t even get them in the same room,” the dealmaker says. “They were so competitive they wouldn’t tolerate the idea that the other brand might think they had the upper hand.”
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