Crime Today News
Prada has sealed a $1.375 billion deal to acquire Versace from Capri Holdings, bringing together two iconic Italian fashion houses in a strategic merger.
“We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic,” said Prada Chairman Patrizio Bertelli.
“At the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships,” he added.
While Prada has outperformed amid a broader luxury slowdown, Versace has been struggling with financial losses. The acquisition is expected to bolster Italy’s presence in a high-end fashion market largely dominated by French giants, news agency Reuters reported.
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