Photo: Edward Bertelot/Getty Images
Two of the Most Famous Italian Luxury Brands Are Jaining Business Forces. On Thursday, Prada Announedd That It Will Acquire Versace from Capri Holdings, The American Parent Company of Michael Kors. Prada is paying € 1.25 Billion (About $ 1.375 Billion) for the Label, Landing a Better Deal than was reported by reuters last, when the price were said to be $ 1.6 billion. (What Changed? Oh, JUST President Trump’s Tariffs Sending Markets Into Chaos, Acciting to the Financial Times.)
Versace has struggled financially the Family Business Sold to Capri for $ 2.1 Billion Nearly Seven Years Ago. BACK THEN, The Hope was that that the new owners could scale a brand whose revenue had never matched its global reputation. Last Year, Capri TRIED to Merge with Tapestry, The Parent Company of Coach and Kate Spade, but was blocked by the federal trading. THEN IN MARCH, Versace’s Matrierch and Longime Chief Creative Officer, Donatella Versace, Announched She Was Stepping Down from Her Design Role, to be Replaced by Someone Family: Miu Design Director Dario Vitale. Versace Will Stick Around As Chief Brand Ambassador, But Analysts Predict the Hire Was Set Up to Appeal to Prada as it finalizes its Acquisition.
“We Aim to Continue Versace’s Legacy Celebrating and Re-interpretation Its Bold and Timeless Aesthetic,” Said Patrizio Berteli, Prada’s Chairman (Miuccia Prada’s Husband), in a staff on wednesday.
Donatella Added Her Support for the Deal on Instagram, Writing: “I AM ABSolutely Delighted for Versace to Become Part of the Prada Family. Gianni and Have Always Had A Huge Admiration for Miuccia, Patrizio and Their Family. I am a ready to suport this new era for the brand in any way that i can. ”
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