Prada has finalized the acquisition of the Versace brand for $1.25 billion from Capri Holdings, following speculation and a discounted deal due to market upheaval. Originally anticipated at $1.43 billion, the agreement reflects the challenges faced by the retail industry, impacted by trade uncertainties. Capri, having purchased Versace for $2.1 billion in 2018, was compelled to divest Versace to alleviate its debt. Prada's chairman expressed enthusiasm about the merger, aiming to enhance Versace's legacy and solidify Prada’s status among elite Italian fashion brands.
Prada has agreed to buy the Versace fashion brand for $1.25 billion, marking a significant move to strengthen its position as an Italian luxury powerhouse.
The deal, initially valued at $1.43 billion, was achieved at a discount of $180 million due to market turmoil and trade uncertainty impacting the retail sector.
Prada's group chair Patrizio Bertelli emphasized a shared commitment to creativity and craftsmanship between Prada and Versace, aiming to write a new chapter in Versace's history.
Despite Capri Holdings' failure to create an American luxury group to rival giants like LVMH, this acquisition points to Prada's continued expansion efforts in the fashion industry.
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