Milan, Italy
Reuters
—
Prada mentioned on Tuesday it had accomplished the acquisition of Versace, a model the Italian luxurious group mentioned it had long coveted.
Prada signed a definitive agreement in April to purchase Versace from US-based Capri Holdings for about 1.3 billion euros ($1.51 billion), after Capri’s sale to Tapestry was scrapped within the wake of a problem by antitrust regulators.
Lorenzo Bertelli, the son of Prada homeowners Miuccia Prada and Patrizio Bertelli, instructed Reuters in November that he’ll develop into executive chairman of Versace as soon as the combination is full. He mentioned that Prada had been eager on a deal for a number of years.
“There had already been contacts during the COVID period, there were talks even before Capri’s sale to Tapestry. When that deal fell through over antitrust issues, we came back and tried to speed things up,” Lorenzo Bertelli mentioned.
“It was something that had been in the works for a long time,” he added.
Founded in 1978 by Gianni Versace in Milan, the model famend for its daring, glamorous aesthetic will be part of the group’s two important labels – its namesake Prada and the smaller however quick rising Miu Miu – marking a pointy strategic shift for the Italian style home.
Bertelli, who strongly pushed for the acquisition, mentioned Versace met two key situations: that it was not too dangerous financially and that it was value it, given the model ranks among the many world’s leaders when it comes to consciousness.
In March, a couple of weeks earlier than the cope with Prada was introduced, Donatella Versace stepped down as creative chief after nearly three many years within the position.
Dario Vitale, previously design director at Miu Miu, took over the position.