Prada buys historic Milanese pastry business

MILAN - Italy : - Italian fashion house Prada said on Friday that it has bought 80 percent of the company behind Pasticceria Marchesi to promote the 190-year-old Milanese pastry brand around the world. "Marchesi represents a symbol of Milanese excellence," Prada Chief Executive Patrizio Bertelli said in a statement. "Our goal is to collaborate in an effective manner in its development and in full respect of its tradition."

The companies gave no indication of the value of the deal.

Angelo Giovanni Marchesi will continue to act as managing director of the pastry business, Prada added.

The maker of 1,800 euro (1,502.86 pounds) leather tote bags was reported to have bid for Cova coffee house, which nestles in Milan's high-end fashion district, before Cova was bought by French luxury group LVMH (LVMH.PA) last year.