Prada Acquires Versace for $1.375B

Pradas acquisition of Versace for $1.375 billion marks a significant shift in the luxury market, as Prada aims to strengthen its position and expand its portfolio. This move brings Versace back to Italian ownership, joining Pradas fifteen-billion-dollar group of brands. The acquisition comes as Versaces former owner, Capri Holdings, sells the brand to pay down debt and invest in other brands. Prada reported a seventeen percent increase in total revenue last year, with Miu Miu performing exceptionally well. This consolidation trend is common in the luxury world, with Donatella Versace stepping down as chief creative officer and Dario Vitale taking over as the new chief creative officer.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.