Prada acquires Versace to create a new luxury giant
Description
Italian fashion house Prada has acquired Versace for €1.25 billion, a strategic marriage aimed at creating a luxury group capable of competing with LVMH and Kering. The purchase, made by Capri Holdings in 2018, comes after a decline in Versace's sales. The combination could revitalise the brand by combining the exuberance of Versace with the sophisticated minimalism of Prada. The change in creative direction, with the arrival of Dario Vitale, is also a sign of renewal for Versace. This acquisition takes place in a difficult economic context, but with long-term growth ambitions for the Italian group.
Source : Premium beauty news
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