Prada's crisis-era Versace deal still looks pricey
LONDON, April 10 (Reuters Breakingviews) - The Italian group paid $1.4 bln for the ailing brand from Michael Kors-owner Capri, less than expected. It helps CEO Andrea Guerra square up to bigger French rivals LVMH or Kering. Even so, the return on investment looks low, even before factoring in a tricky turnaround.
Full view will be published shortly.
Prada said on April 10 it will buy smaller Italian rival Versace from Capri for 1.25 billion euros, which includes its debt.
'The acquisition of Versace marks another step in the evolutionary journey of our Group, adding a new dimension, different and complementary,' Prada's Chief Executive Officer Andrea Guerra said in a statement.
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