Milan (AP).- Group Prada This was announced Tuesday Bought Officially its modern rival in Milan, Versacein a deal worth €1.25 billion (nearly $1.4 billion) that brings the fashion house known for its dramatic silhouettes under one roof with Prada’s “ugly chic” aesthetic and Miu Miu’s youthful appeal.
The anticipated deal is expected to revive Versace’s fortunes after a lackluster post-pandemic performance as part of the American luxury holding group Capri. Prada said in a one-line statement that the acquisition was completed after obtaining all regulatory approvals.
The future of Versace
prada heir, Lorenzo BertelliHe will lead the next phase of Versace as CEO, in addition to his roles as Group Marketing Director and Head of Sustainability.
Son of the co-creative director Miuccia Prada The veteran president of the Prada Group, Patrizio BertelliHe stressed that he does not expect quick executive changes at Versace. But Bertelli pointed out that the performance of the company, which is among the ten most famous brands in the world, was performing below its potential in the market.
Prada stressed that the Versace brand, which dates back 47 years, offers “significant untapped growth potential.”
News in development