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Prada Acquires Versace for $1.4 Billion Amid Luxury Market Challenges

Prada has acquired Versace for $1.4 billion from Capri Holdings, aiming to expand its footprint in luxury fashion amidst market pressures.

Overview

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The Prada Group has officially acquired Versace for €1.25 billion (approximately $1.4 billion) from Capri Holdings. This acquisition merges the two iconic Italian brands, with Prada hoping to leverage Versace's notable aesthetic to attract new customers and enhance revenues, particularly as Versace has struggled in recent quarters. Key figures, including Prada Chief Executive Andrea Guerra and marketing director Lorenzo Bertelli, highlighted the strategic importance of this move, emphasizing that Versace will retain its creative identity. The deal, projected to close in the second half of the year, underscores Prada's ambitions amid a luxury market slowdown.

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Articles (10)

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Prada agrees to buy fashion rival Versace
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Prada to buy Versace in a deal valued at $1.4 billion
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Prada buying rival fashion brand Versace in $1.36bn deal
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FAQ

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The deal values Versace at €1.25 billion (approximately $1.4 billion). It will be funded by €1.5 billion of new debt, consisting of a €1.0 billion term loan and a €0.5 billion bridge facility.

The sale of Versace to Prada allows Capri Holdings to focus on strengthening its balance sheet and driving the growth of its other brands, such as Michael Kors and Jimmy Choo.

Prada plans to maintain Versace's creative DNA and cultural authenticity while providing it with the full strength of the Prada Group's platform, including industrial capabilities and operational expertise.

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