Prada buys Versace for €1.25 billion
Deal of the year!
Two of Italy’s biggest fashion powerhouses — and longtime rivals — have joined forces: Prada has acquired the iconic fashion house Versace.
This comes hot on the heels of another stunning announcement: Donatella Versace recently stepped down as creative director of Versace.
Now, according to the BBC, fashion giant Prada has purchased Versace from holding company Capri Holdings for a staggering €1.25 billion. With this move, Prada positions itself as a strong Italian competitor to French fashion titans, particularly the LVMH Group, the outlet reports.
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«This is a new dimension, different, and complementary to our strength. Versace has enormous potential,» said Prada Group CEO Andrea Guerra, adding that the road ahead will be long.
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