After being resilient during its slowdown period, luxury brand Prada seeks to expand its operations. The brand has entered into a $1.375 billion deal to acquire its competitor, the current loss-making Versace from Capri Holdings.
The move will unite two of the biggest names in Italian fashion. It will also Italy's position in a luxury industry led by French conglomerates.
Prada will continue to build on Versace’s legacy by celebrating and reinterpreting its bold and timeless designs, says Patrizio Bertelli, Chairman. The brand will also provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships, he adds.
Prada has agreed to pay a significantly lower price for Versace than the roughly $2.15 billion, including debt, paid by Capri paid for the brand’s acquisition in 2018. Previously known as Michael Kors, Capri bought Versace from the Versace family and Blackstone.
