11.04.2025 08:10
Italian luxury fashion giant Prada has reached an agreement to acquire its competitor, another major fashion brand, Versace, for 1.25 billion euros (approximately 53 billion 116 million lira).
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The Italian fashion giant Prada has acquired another legendary Italian brand, Versace, for 1.25 billion euros. Negotiations had started at the level of 1.5 billion euros. Prada will pay the acquisition price in cash. The transfer process is expected to be completed in the second half of the year.
PRADA LESS AFFECTED BY RECESSION
112-year-old Prada is managed by designer Miuccia Prada and her husband Patrizio Bertelli. Despite the luxury fashion sector experiencing a decline in recent months, Prada is among the companies less affected by the recession.
VERSACE WAS MANAGED BY AN AMERICAN COMPANY
Versace was founded in the 1970s by the famous designer Gianni Versace. The US-based Capri Holdings acquired Versace for 1.8 billion dollars in 2018. Capri Holdings includes brands such as Jimmy Choo and Michael Kors.
Prada's Chairman Patrizio Bertelli highlighted Versace's "bold and timeless aesthetic" in a statement following the agreement and said they aim to carry on the brand's legacy.
Prada CEO Andrea Guerra stated, "Versace has enormous potential. The journey will be long and will require not only disciplined execution but also patience."
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