Prada buys Versace and Italy regains control of one of its most recognized fashion brands on the international scene.
The operation, which has already been echoed by major economic media and also those dedicated to the fashion and luxury sector, serves to revive the luxury sector in Italy, and for this country to regain its power and position.
The figure for which the agreement has been reached reaches 1,240 million euros and will be paid in cash.
Capri Holdings bought Versace in 2018 and is listed on the US stock exchange. At that time, Capri Holdings bought Versace for 1,830 million euros and had to accept a sharp reduction due to the crisis in the luxury sector at that time.
According to ABC, the union of the two brands will give rise to an Italian luxury group with more than 6,000 million euros in revenue and will allow it to compete with other giants in the sector such as Kering or LVMH again.
Patrizio Bertelli, president and CEO of Prada, explained that "we are delighted to welcome Versace to the group and to establish a new chapter for a brand with which we share a strong commitment to creativity, craftsmanship and legacy".
After months of negotiation, the operation is expected to be completed during the second half of the year.