Italian fashion house Prada has agreed to acquire Versace from Capri Holdings in a $1.375 billion deal, aiming to boost its presence in the global luxury market and revive the iconic but struggling brand.
Prada announced on Thursday that it will buy Versace from U.S.-based Capri Holdings in a move to consolidate two of Italy's most famous fashion names. The deal, valued at $1.375 billion, marks a significant step in reinforcing Italy's position in the luxury industry, which is currently dominated by French conglomerates.
Versace, which has been operating at a loss, will benefit from Prada's stronger platform and ongoing investments. "We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic," said Prada Chairman Patrizio Bertelli. "At the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships," he added.
The deal comes as Prada has managed to defy the global slowdown in luxury demand, putting the company in a solid position to make acquisitions.
The $1.375 billion price tag represents a substantial discount compared to the $2.15 billion (including debt) that Capri Holdings paid to acquire Versace in 2018. At that time, Capri—then known as Michael Kors—bought Versace from the Versace family and Blackstone.
This acquisition is expected to reshape the Italian luxury landscape and could trigger further consolidation in the fashion industry.
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