Italian fashion house Prada announced yesterday it has sold its Byblos label to Swinger International for an undisclosed sum in a move that will help reduce its massive debts.

Prada said the agreement will see Verona-based Swinger take control of the label it inherited from the Genny Group which it acquired last summer.

Swinger currently holds licences for the sports apparel divisions of several designers including Rocco Barocco and Laura Biagiotti.

The proceeds from the deal, which comes just a few months after Prada sold its stake in Fendi for 295 million euros, will allow the fashion house to further reduce its billion euro debts.