Prada to bankroll Luna Rossa’s America’s Cup challenge

Italian fashion house Prada has furthered its backing of sailing by confirming a €65m ($77.8m) deal to sponsor Luna Rossa, the Challenger of Record for the 36th America’s Cup.

Prada has been a long-time backer of Italian team Luna Rossa, which is returning to the sailing showpiece after having backed out of the last competition owing to a dispute over its rules and regulations.

The €65m fee will be paid in four instalments running from January 2018 to June 2021 designed to support Luna Rossa’s campaign.

“The sponsorship of Luna Rossa's participation in the America's Cup is in line with the company's communication strategy to promote the Prada name and brand,” Prada said in a statement.

“The company has taken into account many factors, including the size of the competition and the expected amount of press coverage of the competition, which will attract massive attention all around the world and tremendous press coverage from both the traditional ones and the new technologies media.”

The announcement comes after Prada in September agreed a deal to become the new main sponsor of the America’s Cup. Prada secured the right to be the exclusive naming and presenting sponsor of all events comprising the 36th America’s Cup including the Challenger Selection Series, which will officially be named the Prada Cup.

Prada will replace French fashion house Louis Vuitton, a long-time partner of the America’s Cup, in the role. Patrizio Bertelli, president of Luna Rossa, is also chief executive of Prada.