October 21 (SeeNews) - Italian luxury fashion company Prada Group opened a new production facility covering 31,000 sq m of land in Romania’s central city of Sibiu, the city's hall said on Friday.
The new factory will be operated by Hipic Prod Impex, a local subsidiary of Prada Group, Sibiu's municipality said in a post on social media.
Prada Group acquired a further 20% of Hipic Prod Impex shares in May 2021, becoming its sole owner, according to the fashion group’s 2021 annual report.
Data published by Romania’s finance ministry in 2021 indicated that Hipic Prod Impex project investments amounted to about 19 million euro ($18.51 million), of which 7.83 million euro were state aid. The company's investment projects are expected to generate 331 new jobs.
In 2021, Hipic Prod Impex booked a 1.67 million lei ($331,125 million/339,914 million euro) net profit and employed 361 people, data posted on the finance ministry's website indicated.
($=1.0265 euro)