Prada agreed to buy Versace for $ 1.38 billion

« We are glad to welcome Versace in Prada Group and open a new chapter for the brand, with which we share a common vision of creativity, mastery and heritage, » said the chairman and the general director of Prada Group Patricio Bertelli, and the Executive Director Andrea Adds: « The acquisition of A new dimension, different and complementary. « 

The fashion brand was announced for sale by Capri Holding (which owns Michael Cors and Jimmy Chu) after the company’s merger with Tapestry (owner of Coach, Kate Spade and Stuart Weisman) was blocked by the US Federal Commercial Commission in November. Since then, Capri has been recovering financially and the company is still looking for a buyer for Jimmy Chu. The US company acquired Versace in January 2019 for over $ 2.1 billion, Vog Business recalls.

« Versace » joins Prada with a new creative director – Dario Vitale after Donatella Versace withdrew from the design post last month and took on a new role as an ambassador of the brand, almost 30 years after he was at the head of the fashion house after the death of his brother, « Dario Vitale is not unknown. » It is also their property.

Yesterday ”Financial Times « Ads, that US duties could influence the deal by speculating that the price was reduced by $ 200 million. Reports initially estimated Versace at $ 1.6 billion, and despite That the deal was inevitable, the sale price was reduced to $ 1.38 billion, the newspaper wrote.