Italian fashion firm Prada has won a two-year extension to loans taken out with its main creditor, according to local media reports.

According to Dow Jones newswires citing Italian newspaper Il Messaggero, Prada has agreed the extension of EUR450m (US$630.3m) loans with creditor Intesa Sanpaolo, which were due to expire this year and next.

Prada refused to comment on the issue when contacted by just-style today (3 July).