Thu, 10 Apr 2025

Thu, 10 Apr 2025 Prada to buy rival fashion brand Versace for $1.36bn

The deal to unite the two Italian brands has an estimated value of $1.36bn (£1.06bn).
Prada Group has acquired Versace in a deal worth $1.36 billion, uniting two of Italy's most prominent luxury fashion brands. The acquisition creates a multi-billion dollar luxury fashion group, positioning Prada to compete with French conglomerates LVMH and Kering. Patrizio Bertelli, Prada chairman, said the company aims to continue Versace's legacy while providing it with a strong platform for growth. Andrea Guerra, chief executive of Prada, emphasized that the journey will be long-term and requires disciplined execution and patience. The deal comes as Versace has been operating at a loss amid a global slowdown in luxury fashion demand. The price paid by Prada is significantly lower than what Capri Holdings paid for Versace in 2018.
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