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MILAN (Reuters) - Italian fashion house Prada (HK:1913) has bought a French tannery near Limoges, it said on Wednesday, as a growing number of luxury groups invest in companies that are part of their supply chains to preserve valuable skills.
Prada's purchase of France's Tannerie Megisserie Hervy is a joint venture with Tuscan tannery Conceria Superior, a long-time industrial partner of the maker of Miu Miu bags, it said in a statement.
Prada, which will be controlling partner in the joint venture, said it would not disclose financial details of the deal.
The tannery, which will be renamed Tannerie Limoges, specialises in lambskin tanning, in particular soft plonge nappa leather.
"The tannery is a highly skilled manufacturer with precious know-how and a long tradition," Prada Chief Executive Patrizio Bertelli said in the statement.
After competing in recent years to secure key retail locations around the world, top luxury names such as France's LVMH (PA:LVMH) are targeting their suppliers in a race to lock in skills and ingredients vital to their brands' success.
(Reporting by Valentina Za; editing by Susan Thomas)