Summary
Prada, an Italian luxury fashion company, has bought Versace for $1.38 billion. This deal will help Versace's former parent company, Capri Holdings, reduce its debt and allows Prada to expand its collection of luxury brands.
Key Facts
- Prada acquired Versace for $1.38 billion.
- With this purchase, Prada aims to better compete with other big luxury groups like LVMH.
- The sale helps Capri Holdings cut down its debt.
- Donatella Versace stepped down from her role as creative chief in March.
- Donatella was in charge of Versace since 1997 after her brother Gianni's death.
- Dario Vitale, a former design director at Miu Miu, took over the creative leadership at Versace.
- Prada's acquisition price is lower than the $2.15 billion Capri Holdings paid in 2018 for Versace.
- Prada has completed the buyout after receiving all necessary regulatory approvals.
