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.
U.S. special envoys Jared Kushner and Steve Witkoff have held talks with Ukrainian President Volodymyr Zelenskyy in Kyiv on Sunday on efforts to en...
Iran has warned it will retaliate against any future U.S. attacks, saying American energy interests and infrastructure across the Gulf could become...
Baku Climate Action Week (BCAW) 2026 has begun in Azerbaijan’s capital, bringing together government representatives, business leaders, inves...
An eruption of Indonesia’s Mount Anak Krakatau has disrupted air travel, school activities and fishing operations, with hundreds of passengers stranded at Jakarta’s main airport on Sunday.
At least five people were killed and five others injured when an Amazon Prime Air cargo plane overran a runway and crashed while landing at Miami International Airport on Sunday, 6 September, local officials said.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said on Sunday that the United States must recognise that the “rules of the game” in its war against Iran had changed “before it is too late”, a day after Washington struck several Iranian tankers in the Gulf.
Two Greek military pilots were killed on Saturday when an F-4 Phantom fighter jet crashed during an air show at Tanagra air base, north of Athens, officials said.
U.S. special envoys Jared Kushner and Steve Witkoff have held talks with Ukrainian President Volodymyr Zelenskyy in Kyiv on Sunday on efforts to end Russia’s war in Ukraine.
Volkswagen’s supervisory board has approved a major overhaul aimed at cutting 100,000 jobs by 2030 as the German carmaker battles weaker sales, falling profits and intensifying global competition.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
Volkswagen is heading towards a decisive showdown with labour representatives as Germany's largest carmaker weighs sweeping restructuring measures that could lead to factory closures and tens of thousands of job losses.
Online fast-fashion retailer Shein is seeking to raise up to $1.77 billion in a Hong Kong IPO after its valuation fell around 70 per cent from its private-market peak four years ago.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment