US EditionPrada completes Versace takeover after long courtship
Prada finalized the €1.25 billion acquisition of Versace, appointing Lorenzo Bertelli as executive chairman to integrate and revive the brand within its luxury portfolio.
- On Dec 2, Prada Group completed its acquisition of Versace after years of pursuit, saying it 'was something that had been in the works for a long time.'
- Prada Group signed a definitive agreement in April to buy Versace for about 1.3 billion euros , with Lorenzo Bertelli saying, `There had already been contacts during the COVID period...`
- On the creative side, Versace's revenue fell by a quarter and Donatella Versace stepped down, with Dario Vitale debuting as creative director.
- Bertelli will assume executive chairman of Versace after integration, while Andrea Guerra, Prada's chief executive, said they will preserve Versace's `DNA` and leverage Prada's strengths, taking time to evaluate Versace and prioritising stability and staff care.
- In recent years Prada Group has professionalised operations, and the acquisition will test its platform and governance, while analysts warn the next 12 months will be rough despite Prada-Bertelli family owning 80 percent.
127 Articles
127 Articles
(Paris = Yonhap News) Correspondent Song Jin-won = Italian luxury brand Prada has officially acquired its competitor Versace for a total of $1.375 billion (approximately 2 trillion won).
The Independent
Prada completes takeover of fashion rival for £1.10 billion
Prada has underscored that Versace offers ‘significant untapped growth potential’
With the granting of all official approvals, the way is clear for the purchase at the price of 1.25 billion euros.
ABC FOX Montana
Prada completes acquisition of flashy rival Versace
Italian fashion group Prada announced on Tuesday it had completed its acquisition of smaller rival Versace, announced earlier this year for 1.25 billion euros (now $1.45 billion).
Both brands stand for Italian luxury fashion. Now the house, which was founded in 1978 by Gianni Versace, changes to the roof of the larger and older competition.
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