Fashion House Prada Pledges $69M Investment In Luna Rossa Team For Next America's Cup
Italian fashion house Prada confirmed it will back the Luna Rossa team in the next America's Cup, to be "sailed at a venue yet to be decided, in foiling catamarans of around 60ft in length," according to MY SAILING. The protocol for the "35th Match" is expected to be announced this month. Prada logos will be visible on the hull, boom, drifts and sails of the team's new boat. Prada's spending will be capped to a maximum of €25M ($34.3M) in the period until Jan. '15, €24M ($33M) in '15, €9M ($12.4M) in '16 and €4.5M ($6.2M) until Jan. '18. Although that total adds up to €62.5M ($85.8M), Prada said that its spend "will not exceed" €50M ($68.7M) (MY SAILING, 3/4).