Prada has ruled out any consideration of a takeover approach for Armani, with CEO Andrea Guerra saying the Italian luxury group's attention remains fixed on reviving Versace.

“Armani is not on our radar. Today we are busy with many other things, including the evolution of Versace, so it is not on the agenda,” Guerra told Reuters.

His comments came after news that Armani is preparing to sell a 15% stake in the company, one year after the death of founder Giorgio Armani.

Guerra said Prada’s work since taking over Versace had been focused on cost efficiencies, integration, and synergies.

He said attention had turned to the brand’s longer-term direction only in the past three months.

Versace’s new designer, Pieter Mulier, is due to present his first runway show in January.

Commenting on smart glasses, Guerra said he did not expect any of Prada’s brands to move into the category in the “near future”.

Prada executive Lorenzo Bertelli had said last year that the group was in “exploratory talks” with licensing partner EssilorLuxottica on the issue, but no decision had been made.

Prada has also refurbished and enlarged its space in Milan’s Galleria Vittorio Emanuele as it seeks to deepen relationships with its highest-spending customers and draw in new ones, Guerra told Reuters.

The company already operates separate menswear and womenswear stores in the arcade. The womenswear location occupies the original site of the Fratelli Prada boutique.

The eight-floor site connects to the Prada-owned Marchesi patisserie, which is situated next to its menswear store.

It includes a permanent exhibition area, a space for shopping by appointment, and an apartment set aside for private dinners and events.

Guerra said the location is expected to generate €100m ($115.4m) in yearly revenue.

The financial details of the investment were not disclosed.

The group also said it would keep pricing steady on entry-level products for aspirational shoppers, alongside its focus on top-tier clients.