Prada's (HKG:1913) wholly owned subsidiary Prada USA signed a lease agreement for additional retail space at its flagship store on Fifth Avenue, New York, with an annual rent of $20 million.
The three-year lease, with a two-year renewal option, is scheduled to commence on June 1, 2025, with the rent increasing by 3% per year.
The expansion aims to strengthen Prada's presence in a prime retail location, according to a Wednesday filing with the Hong Kong Exchange.
The lessor, 720 Fifth USA, is an indirect subsidiary of Prada Holding, making the deal a connected transaction under Hong Kong's listing rules.
The agreement, signed on March 18, includes a rent-free period until the store opens.
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