The Prada Group announced an agreement on Thursday to buy the Italian Versace of the US luxury group. UU. Capri Holdings in terms that value the fashion house at 1.25 billion euros ($ 1.4 billion).
Prada said that the addition of the “highly recognizable aesthetics of Versace … constitutes a very complementary addition” to its portfolio, which includes the fashion brands Prada and Miu Miu. He said that Versace based in Milan offered a “significant without exploiting growth potential.”
The final value of the agreement will be adjusted to the closure, what is expected in the second half of the year. It will be financed for 1,500 million euros in a new debt and has been approved by the Board of Directors of Prada and Capri Holdings.
“Versace will maintain its creative DNA and its cultural authenticity, while benefiting from the full strength of the consolidated consolidated platform of the group, including industrial capacities, retail execution and operational experience,” Prada said in a statement.
Versace, founded in 1978 by the late Gianni Versace, has been owned since 2018 by Capri Holdings, which includes Michael Kors and Jimmy Choo.
Capri Holdings paid $ 2 billion for Versace, but had been fighting in the recent era of “quiet luxury” to place the unconditional of Italian fashion with his sexy silhouettes and his strong patterns.
Last month, Capri Holdings appointed Dario Vitale as creative director to replace Donatella Versace, who assumed the role after his brother’s murder in 1997. Vitale came from Miu Miu, the impressive mark of young people in the Prada group.
Versace received the new role as an ambassador of the chief brand in The Shakeup, which was widely seen as establishing the scene for the sale of long -term Prada. Miuccia Prada recognized the group’s interest in Milan Fashion Week in February.
