Byblos had already been put up for sale by the Genny Group prior to Prada's acquisition of Genny last June. Prada has denied in the past, however, that it planned to keep Byblos on the block.

Prada insisted today that this sale is not a prelude to shedding Genny altogether. "Prada confirms its commitment to guarantee the current level of employment and to invest in the reinforcement and development of the Genny brand," the group said in a statement. "The Prada Group reiterates its complete satisfaction in the acquisition of the Genny Group, which boasts strong technical-productive know-how and an efficient industrial and logistical structure in the regions of the Marches and Umbria."

Debt-laden Prada has spent a lot of energy recently denying rumors that it is in negotiations to sell off more the brands that it acquired during a euphoric economic period of investment frenzy. It most recently issued a statement insisting that neither Helmut Lang nor Jil Sander is on the block.

Swinger is specialized in the sportswear and young segment of the ready-to-wear market. The Italian production and distribution company holds the licenses for Laura Biagiotti Roma, Roccobarocco Jeans, Vivienne Westwood Anglomania and other brands.

Financial details of the Byblos deal were not released, but it will certainly help lighten Prada's burdensome debt load, estimated at about $1 billion when it sold off Fendi last year. Prada received $263 million in cash in the Fendi deal, paid by LVMH in five separate installments: $35.7 million immediately; $160.7 million by March 31, 2002, and three installments of $22.3 million on December 31 of 2003, 2004 and 2005.

Prada postponed its IPO, anticipated to raise close to $2 billion, twice last year, first citing poor economic conditions and then the effects of September 11. Last December, the house unveiled details of a bond issue worth up to $625 million that could allow investors to exchange their bonds for shares in the company if an IPO takes place within three-and-a-half years time.