- UFC. Conor McGregor and his life of luxury: shows off a Rolls-Royce Phantom Mansory and his millionaire purchases
- Celebrities. Wedding of the century: How Jeff Bezos & Lauren Sánchez are redefining luxury events
The iconic Italian fashion house Prada has announced the full acquisition of fashion house Versace, in a deal valued at 1.25 billion euros
The transaction, which involves the purchase of 100% of the brand currently owned by Capri Holdings, is still subject to regulatory adjustments and approvals before its final closure, scheduled for the second half of 2025.
"We are excited to welcome Versace to the Prada Group," said Patrizio Bertelli, chairman and CEO of the group. "We share core values such as creativity, commitment to product quality and a rich cultural heritage. This union marks a new chapter for both houses."
Bertelli said that Prada is in an ideal position to drive Versace's growth, without altering its essence. "The brand will maintain its creative identity and cultural authenticity, while benefiting from the of our operational platform and industrial expertise."
The acquisition will be made "cash and debt free"
The purchase process was developed after an internal review of Prada's finances in February, as part of the analysis prior to the final decision. The agreement states that the acquisition will be made "cash and debt free", and the final cash amount will be adjusted based on Versace's working capital and net financial position at the time of closing.
Versace has faced recent economic difficulties, hit by the crisis affecting the luxury sector, while Prada has managed to weather this period more strongly.Both boards of directors have already approved the agreement, which is now pending the necessary regulatory approvals for its formalization.