Prada Group has announced its plans to acquire Versace, the renowned Italian fashion house, from Capri Holdings for 1.25 billion euros, equivalent to $1.4 billion. This acquisition represents a significant development in the luxury fashion industry, consolidating two prominent brands under one parent company.
Versace, known for its bold designs and celebrity endorsements, will join Prada's existing portfolio of luxury brands. The deal is anticipated to strengthen Prada's position in the global fashion market and provide Versace with resources for further expansion.
Industry analysts believe this acquisition will lead to increased competition and innovation within the luxury sector. The transaction is subject to regulatory approvals and is expected to be finalized in the near future. The long-term impact on both brands and the broader fashion landscape remains to be seen.
Prada to Acquire Versace in $1.4 Billion Deal
Luxury fashion house Prada Group is set to acquire Versace from Capri Holdings in a deal valued at $1.4 billion. The acquisition will bring the iconic Italian brand Versace under Prada's umbrella. This move signifies a major shift in the luxury fashion market. The deal is expected to close in the coming months.
Source: Read the original article at NBC