It looks like Prada will be moving forward with acquiring Versace for $1.4 billion.
According to reports, the deal was confirmed by the Prada Group after it announced that they entered into a “definitive agreement to acquire 100 percent of Versace from Capri Holdings.” Patrizio Bertelli, the chairman and executive director of the Prada Group said in a statement that they are looking forward to “building a new chapter for the brand made possible by a shared commitment to creativity, craftsmanship, and heritage.”
Due to this big move, Versace’s legacy will continue to be celebrated as they ensure to stay relevant in this fashion landscape.
“We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships,” Bertelli said. “Our organization is ready and well positioned to write a new page in Versace’s history, drawing on the Group’s values while continuing to execute with confidence and rigorous focus.”
Although this is a new deal, Versace will keep its “creative DNA.” The new is set to close later this year.