De Rigo Sells Eyewear Joint Venture Stake to Prada

Italian eyeglass maker De Rigo SpA said on Wednesday it ended a joint venture with Prada and sold its 51 percent stake in the venture to the world-renowned fashion designer.Financial terms of the deal were not disclosed. De Rigo said it will continue to make Prada-branded eyewear.The venture, known as Eyewear International Distribution, and a U.S. arm called EID USA, recorded net sales of 31.3 million euros and a net loss of 900,000 euros in 2002, said De Rigo, which is based in Longarone, Italy. (Source: Reuters)