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2mo ago

Prada Nears $1.6 Billion Deal to Acquire Versace

The potential acquisition would bring Versace back under Italian ownership and bolster Prada's position in the global luxury market.

A person walks outside a Versace store in Corso Montenapoleone in Milan, Italy, January 10, 2025. REUTERS/Claudia Greco/File Photo
People stand outside a Prada store in Galleria Vittorio Emanuele II in Milan, Italy, January 10, 2025. REUTERS/Claudia Greco/File Photo
FILE - Head designers Miuccia Prada, left, and Raf Simons acknowledge the applause of the audience at the end of the Prada Spring Summer 2025 fashion show, that was presented in Milan, Italy, Sunday, June 16, 2024. (AP Photo/Luca Bruno, File)
Prada products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly/File Photo

Overview

  • Prada is reportedly close to finalizing a deal to buy Versace from Capri Holdings for approximately €1.5 billion ($1.6 billion).
  • The acquisition would position Prada as a stronger competitor to French luxury giants like LVMH and Kering.
  • Versace, known for its bold designs, has struggled financially under Capri Holdings, reporting losses and declining revenues in recent years.
  • Prada's financial stability, bolstered by strong performance from its Miu Miu brand, could aid in revitalizing Versace's operations and brand potential.
  • If completed, the deal would mark a significant move in consolidating Italian luxury brands and reversing the trend of foreign ownership in the sector.