Prada Group has completed the acquisition of Versace for nearly $1.4 billion, Reuters reports.
It became known in April that the fashion house Prada purchased Versace from Capri Holdings Ltd., which owned the brand. The deal was valued at $1.375 billion.
Lorenzo Bertelli, the son of Prada owners Miuccia Prada and Patrizio Bertelli, announced in November that he would lead Versace after the acquisition was completed. According to him, Prada has been interested in this deal for several years.
"Contacts were already made during the COVID pandemic, negotiations were held even before the sale of Capri to Tapestry. When that deal fell through due to antitrust legislation, we came back and tried to expedite the process," Bertelli told Reuters.
The Italian company Prada was founded in 1913 by Mario Prada and his brother Martino. Initially, they were engaged in importing leather goods — suitcases, bags, and other items, and later began their own production. A key role in the brand's development was played by designer Miuccia Prada, the granddaughter of the company's founder (the brand Miu Miu was launched in her honor). Miuccia Prada remained the chief designer of the brand and co-CEO of the company alongside her husband Patrizio Bertelli for many years.
The Versace brand was founded in 1978 by designer Gianni Versace. The company produces fashion clothing, perfumes, watches, accessories, and other luxury items. In 1997, Versace was murdered in the U.S. on the doorstep of his home in Miami Beach by serial killer Andrew Cunanan. After the designer's death, management of the company passed to his sister Donatella. In 2018, she sold the business to American Michael Kors (now Capri) for $2 billion, while continuing to work as the chief designer of Versace.
Leave a comment