"The Prada Group closed the purchase of Milan fashion rival Versace in a $1.375-billion US ($1.93 billion Cdn) cash deal that puts the fashion house known for its sexy silhouettes under the same roof as Prada's "ugly chic" esthetic and Miu Miu's youth-driven appeal. The highly anticipated deal is expected to relaunch Versace's fortunes, after middling post-pandemic performance as part of the U.S. luxury group Capri Holdings."
"Donatella Versace welcomed the deal in an Instagram post, which also marked the birthday of the brand's late founder, her brother, Gianni Versace. "Today is your day and the day Versace joins the Prada family. I am thinking of the smile you would have had on your face," she wrote in a post that also featured a 1996 photo of Gianni Versace with Miuccia Prada."
Prada Group completed the purchase of Versace for $1.375 billion US ($1.93 billion Cdn) in cash after receiving regulatory clearances. Capri Holdings will use the proceeds to pay down debt. Donatella Versace marked the deal and Gianni Versace's birthday in an Instagram post expressing welcome. Lorenzo Bertelli will serve as Versace's executive chairman while retaining roles as group marketing director and sustainability chief and does not expect immediate executive changes. Prada sees Versace as offering significant untapped growth potential following middling post-pandemic performance. The acquisition pairs Prada's minimalist sensibility with Versace's maximalist, sexy silhouettes and Miu Miu's youth appeal.
Read at www.cbc.ca
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