The Italian company Prada announced the completion of the acquisition of the fashion house Versace for 1.3 billion euros, cementing one of the largest luxury mergers in recent years. This was reported by UNN with reference to Reuters.
Details
Prada announced that it had completed the acquisition of the Italian brand Versace from the American Capri Holdings for approximately 1.3 billion euros. Now, Versace, founded in 1978 by Gianni Versace in Milan and known for its bold glamorous aesthetic, will join Prada.
Donatella Versace, who stepped down as Versace's creative director in March, noted the symbolic coincidence of the deal's completion with the birthday of her late brother Gianni Versace, who was murdered in Miami in 1997.
Today is your day and the day Versace joins the Prada family. I think of your smile on your face. I always miss you – she wrote on Instagram.
Lorenzo Bertelli, son of Miuccia Prada and Patrizio Bertelli, will become executive chairman of Versace after the integration process is complete. He said that Prada had been pursuing this deal even before the COVID-19 pandemic.
Contacts were already made during the COVID pandemic, negotiations were held even before Capri sold to Tapestry. When that deal fell through due to antitrust issues, we came back and tried to speed up the process.
And also, he added: "This is something that has been worked on for a long time."
Bertelli, who strongly pushed for the acquisition, said that Versace met two key conditions: it was not too risky financially and it was worth it, given that the brand is among the world leaders in terms of recognition.
Recall
On September 30, the European Commission approved the acquisition of the fashion brand Versace by Italian Prada Group for $1.375 billion. The deal does not pose a threat to competition and will be closed in the autumn of 2025.