Prada Group acquires Versace for $1.37 bn

New Delhi: The Prada Group on Tuesday announced that it has officially acquired luxury fashion label Versace in a deal worth $1.37 billion. With this move, Versace will now operate under the same umbrella as Prada and Miu Miu, bringing together some of Italy’s most influential fashion brands. The deal marks the end of Versace’s ownership under Capri Holdings, the US-based luxury group that had controlled the brand through the post-pandemic years.

Capri Holdings said the money received from the sale will be used to repay most of its debt, a step that will strengthen its financial position and improve its flexibility for future investments.