Business

Prada Acquires Versace in $1.375 Billion Deal to Expand Global Luxury Power

Prada Group’s acquisition of 100 percent of the iconic Italian brand Versace in return for $1.375 billion (€1.25 billion) in all cash is set to revolutionize the luxury fashion industry. Versace, which was made capable of running with its hallmark creative vision thanks to the agreement finalized with Capri Holdings, will rely on the extensive industrial and operational strength of Prada.

The deal is reported to close at the end of 2025 and is one of the largest fashion deals of the year. The Versace brand was founded in 1978 by Gianni Versace, who was famous for the bold style and a strong cultural identity that the brand still remains today.

Patrizio Bertelli, Chairman of Prada Group declared: “We are happy to announce that Versace is joining the Prada Group, where we shall create a new chapter for a brand with whom we share the same passion for creative impulse, craftsmanship and heritage.”

Bertelli then said the Group’s platform, the fruits of years of investment and retailing expertise, is positioned to help elevate Versace’s global prominence while maintaining its unrivalled aesthetic.

The announcement was well received by the market. Shares on the New York Stock Exchange rose 31.09% for Capri Holdings, while Prada shares rose 4.93% on the Hong Kong Stock Exchange.

Capri Holdings CEO John D. Idol said that ‘Versace is well positioned for sustainable long term growth with today’s move.’ “We believe Prada Group is the perfect place for it to flourish to achieve its next era of success.”

The sale will also enhance Capri’s financial position to pursue growth strategies for its other luxury brands Michael Kors, and Jimmy Choo.

Web Desk

Recent Posts

Dubai Launches Major Road Upgrade with New Tunnels in Jumeirah, Umm Suqeim

According to the Roads and Transport Authority (RTA), a large new road project will soon…

1 hour ago

UAE Introduces Landmark Media Law After 40 Years to Regulate AI, Gaming, and Digital Platforms

The UAE has passed its first new media law in decades to guide AI, gaming…

2 days ago

Saudi Arabia Launches $10 Billion AI Fund to Lead Middle East Tech Race

Saudi Arabia is launching a daring effort to lead AI in the Middle East with…

3 days ago

7 Top Places to Dine During Eid Al Adha in Dubai

With Eid Al Adha approaching, now’s when you should take advantage of Dubai’s many great…

3 days ago

Dubai Unveils World’s First AI Chef: Meet Chef Aiman

Dubai is leading the way in tech with the introduction of the world’s first AI…

4 days ago

UAE Airlines Announce Big Discounts for Eid Al Adha 2025 Travel

With Eid Al Adha slated for 2025, locals in the UAE are preparing for a…

4 days ago