Prada agrees to buy Versace
Prada has agreed to buy Versace from Capri Holdings for $1.375 billion, including debt.
The deal brings together two of Italy's top fashion names.
Prada is expanding, having stayed strong despite a slowdown in luxury spending. Versace, in contrast, has posted losses in recent quarters.
The move boosts Italy's presence in a luxury market often dominated by French groups like LVMH, owner of Louis Vuitton.
The deal comes shortly after Donatella Versace announced on March 13 that she was stepping down as chief creative officer of the brand her brother Gianni founded.
'We aim to continue Versace's legacy celebrating and re-interpreting its bold and timeless aesthetic.
'At the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships,' Prada Chairman, Patrizio Bertelli said.
Bertelli and designer Miuccia Prada, his wife, are the main shareholders.
Donatella Versace welcomed the deal, saying, 'Gianni and I have always had a huge admiration for Miuccia, Patrizio and their family.
'I am honoured to have the brand in the hands of such a trusted Italian family business and I am ready to support this new era for the brand in any way that I can.'
Prada's purchase price is lower than the $2.15 billion that Michael Kors (now Capri Holdings) paid in 2018. Media reports had expected a value of around $1.7 billion before recent market instability.
'This transaction reflects our commitment to increase shareholder value, strengthen our balance sheet and power the future growth of Michael Kors and Jimmy Choo,' Capri CEO, John Idol said.
Capri shares dropped 3% after the announcement and are down 24% this year.
Versace's bold, baroque fashion contrasts with Prada's minimalist style. Prada CEO Andrea Guerra said, 'Versace has huge potential. The journey will be long and will require disciplined execution and patience.'
To finance the acquisition, Prada has taken on €1.5 billion in new debt.
This marks Prada's biggest deal since its late 1990s acquisitions of Helmut Lang and Jil Sander, which Bertelli once called 'strategic mistakes.'
Founded in 1913 as a leather goods store, Prada has grown under Miuccia and Bertelli, also owning Miu Miu and Church's.
Versace, launched by Gianni in 1978 and known for its Medusa head logo, has been led creatively by Donatella since her brother's death in 1997.(CNN)
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
16 hours ago
- Al Etihad
TRENDS to hold France session on stopping Brotherhood funding in Europe, launch Paris virtual office
28 June 2025 10:39 ABU DHABI (ALETIHAD)TRENDS Research & Advisory is continuing to expand its international presence by launching a new virtual office in Paris, the French capital. The office aims to serve as a platform for intellectual exchange between the Arab and Francophone launch of the office coincides with the second session of the international symposium, held in the form of a workshop, and titled 'Toward Concerted Efforts to Stop the Financing of the Muslim Brotherhood in Europe: Challenges and Opportunities'. It will be held on Monday, June 30, 2025 in Salle Monory at the headquarters of the French Senator Nathalie Goulet and Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS Research & Advisory, will open the event. They will highlight the importance of Europe–Arab cooperation in addressing critical challenges related to the financing of extremist Wael Saleh, Political Islam Affairs Advisor and Director of TRENDS in Canada, and Senator Nathalie Goulet will moderate the workshop. It will address several topics, including the structure of financing networks, obstacles to halting financial flows, and a European road map for confronting the phenomenon.A panel of European and Arab experts and officials will participate in the session, including Laure Anas Renaud, representative of the French Financial Intelligence Unit; Dr. Khalifa Al Dhaheri, Director of the Mohammed bin Zayed University for the Humanities; Mr. Ali Faisal Ba'Alawi, Head of the UAE Financial Intelligence Unit and Representative of the Executive Office to Combat Money Laundering and Terrorist Financing; François Volpoet, Director of Chain Spy; Levi Vial, Director of the Centre for University Studies in France; Hamad Al Hosani, researcher and Head of the Political Islam Studies Section at TRENDS; as well as researchers Shamsa Al Qubaisi and Shaikha Al-Nuaimi.'The launch of our virtual office in Paris represents a pivotal strategic step toward strengthening intellectual and knowledge-based communication between the Arab world and the Francophone world,' Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS Research & Advisory, said.'We believe that this office will be a vital platform for exchanging ideas and visions on common global issues, especially those related to combating the financing of extremist groups,' he added, pointing out that this step comes in conjunction with holding the second session of our important international symposium on stopping the financing of the Muslim Brotherhood in Europe. The move confirms TRENDS' commitment to strengthening cooperation in confronting security and intellectual challenges. Dr. Muhammad Al-Ali emphasised that through this new presence, TRENDS aims to monitor and analyse French knowledge and production, convey visions of the Arab world to this vital space, and contribute to formulating effective policies for a safer and more stable future. Source: Aletihad - Abu Dhabi
Web Release
a day ago
- Web Release
#SummerStayCay: Your Elevated Summer Escape Awaits at Sofitel Dubai The Obelisk
This summer, indulgence ascends to new heights at Sofitel Dubai The Obelisk, where French finesse and Egyptian grandeur blend seamlessly—and now, your stay comes with an exclusive invitation. Until 30 September 2025, guests can elevate their experience with complimentary access to Club Millésime, the highest and most refined executive lounge in the Sofitel collection. Perched high above Dubai's dynamic skyline on 51st floor, Club Millésime is more than a lounge—it's a sanctuary of quiet luxury, tailor-made for the cosmopolitan traveler. From the moment you arrive, enjoy private check-in and a suite of bespoke privileges designed to pamper and impress. Begin your mornings with a gourmet breakfast in the serene surrounds of the lounge, pause mid-day with Le Goûter, a delicate French-inspired afternoon tea served from 2pm to 4pm, and as the sun sets, indulge in L'Apéro Chic—an elegant hour of cocktails and curated canapés between 5pm and 7pm. Suite guests are treated to dedicated butler service, while all Club Millésime guests enjoy a level of personalized attention that turns every stay into a tailored affair. Whether you're visiting for business, leisure, or a romantic escape, this exclusive experience elevates every detail. Book your summer escape by 30 September 2025 and discover the elevated living experience at Sofitel Dubai The Obelisk's Club Millésime, where refined rituals meet exceptional views and impeccable service. For reservations: +971 3249999, [email protected]
Middle East Eye
a day ago
- Middle East Eye
French banking giant BNP Paribas sued over failure to report links to Israel
A legal group announced on Friday that it has taken France's banking giant BNP Paribas to court for "failure to fulfil its duty of vigilance," accusing the banking group of failing to define activities supporting Israel, particularly in the context of its military offensive in Gaza. The law requires large French companies to publish a vigilance plan to prevent, among other things, environmental risks and human rights violations related to their activities. "However, far from respecting these obligations, BNP Paribas, in its 2024 vigilance plan, did not deign to define the very existence of its activities in support of the State of Israel or companies arming the State of Israel," the association Jurists for Respect for International Law (Jurdi) said in a press release. "Indeed, the guarantee provided by BNP Paribas for the successful completion of an $8bn bond subscription for the benefit of the Israeli government is not included. Nor is its support for Elbit Systems, the main arms supplier to the State of Israel," it clarified. The association, which brings together lawyers and magistrates, claims to have formally notified BNP Paribas in December 2024 to amend its vigilance plan, and said the banking group refused to do so in March.
