Prada Agrees to Buy Versace for $1.38 Billion Despite Tariffs
Prada SpA agreed to buy Versace for $1.38 billion in cash in a deal aimed at strengthening its position as Italy's largest fashion group.
The Milanese company, controlled by billionaire designer Miuccia Prada and her husband Patrizio Bertelli, expects the transaction to close in the second half of this year, the companies said Thursday. Bloomberg News reported on March 2 that Prada was near a deal to buy Versace from Capri Holdings Ltd., which paid $1.8 billion for the brand in 2018.
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