Italian fashion company Prada has announced the acquisition of the famous Versace brand from Capri Holdings for $ 1.375 billion, a deal that also includes Versace's debts, Reuters reports. It is a major step to unite two of the most famous names in Italian fashion, in an industry dominated by French conglomerates, writes A2 CNN.
While Prada has managed to maintain a stable position in the market despite the decline in global demand for luxury goods, Versace has operated at a loss in recent years. However, with this acquisition, Prada aims to revive it.
The deal comes shortly after the announcement of Donatella Versace's departure as creative director, marking the end of an era for the brand founded by Gianni Versace. Patrizio Bertelli, Prada's chairman and husband of designer Miuccia Prada, stressed that they will preserve and develop Versace's aesthetic legacy by offering strong support thanks to their experience and continued investment.
The price paid by Prada is significantly lower than the amount Capri Holdings spent to acquire Versace in 2018, around $2.15 billion including all debt.
Andrea Guerra, CEO of Prada, stated that Versace has great potential, but requires a careful approach and time to develop. (A2 Televizion)
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