Summary
Prada Group has bought Versace from Capri Holdings for $1.375 billion. This deal aims to boost Versace's performance and integrate it into Prada's operations. Donatella Versace welcomed the acquisition, which coincides with the birthday of her brother, Gianni Versace, the brand's founder.
Key Facts
- Prada purchased Versace for $1.375 billion in cash.
- The deal received all necessary regulatory approvals.
- Versace was previously part of Capri Holdings, which also owns Michael Kors and Jimmy Choo.
- Donatella Versace expressed support for this acquisition.
- Prada’s Lorenzo Bertelli will lead Versace as executive chairman.
- Versace has been underperforming but has significant growth potential according to Prada.
- Versace accounted for 20% of Capri Holdings' revenue in 2024.
- Prada plans to integrate Versace into its Italian manufacturing system.
