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- Prada to acquire Versace for $1.4 billion in deal agreed by parties
Prada to acquire Versace for $1.4 billion in deal agreed by parties
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Prada has agreed to acquire Versace from Capri Holdings for $1.375 billion, strengthening Italy's presence in the luxury industry led by French conglomerates. This acquisition follows the announcement of Donatella Versace stepping down as chief creative officer on March 13. The deal will create a luxury group with revenues exceeding €6 billion. In 2018, Capri Holdings acquired Versace for €1.83 billion, previously owned 80% by the Versace family and 20% by BlackRock, an US investment fund.
The journey will be long and will require disciplined execution and patience. The evolution of a brand always needs time and constant focus.
Versace has huge potential. The journey will be long and will require disciplined execution and patience.
We aim to continue Versace's legacy celebrating and re-interpreting its bold and timeless aesthetic.
At the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships.
We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftmanship and heritage.
Gianni and I have always had a huge admiration for Miuccia, Patrizio and their family.
I am honoured to have the brand in the hands of such a trusted Italian family business and I am ready to support this new era for the brand in any way that I can.
This transaction reflects our commitment to increase shareholder value, strengthen our balance sheet and power the future growth of Michael Kors and Jimmy Choo.
sources
perspectives
countries
organizations
- 1.Prada
- 2.Versace
- 3.Capri Holdings
- 4.Hermès Group
- 5.Holland & Knight
- 6.Miu Miu
- 7.BlackRock
- 8.Blackstone Group
- 9.Catholic Church
- 10.Gucci
- 11.Kering
- 12.Louis Vuitton