Versace, photo: highsnobiety.com
Prada Group Closes in on Versace Acquisition Deal
The agreement between Prada and Capri Holdings to buy Versace could be a matter of weeks. According to information published by Il Sole 24Ore, April 10 will be the date for the completion of negotiations. The purchase price is almost 1,5 billion euros. This figure could reach 2 billion if the luxury shoe brand Jimmy Choo is added to the sale of Versace.
According to Fashion Network, the deal will allow Prada Group to strengthen its offering by diversifying its portfolio. The luxury market will have a powerful player capable of competing with, among others, French giants LVMH and Kering.
The Milanese fashion house, which is listed on the Hong Kong Stock Exchange with a current market capitalization of HK$140,15 billion (around €16,7 billion), has a portfolio of six brands: Prada, Miu Miu, Church's, Car Shoe, Marchesi 1824 and Luna Rossa.
The arrival of Versace (and possibly Jimmy Choo) will strengthen the Prada Group, which is already in good shape, ending 2024 with net revenues of €5,4 billion, up 17% from 2023 and well above the market average.
Meanwhile, Versace announced a 15% drop in sales for the period October-December 2024 to $193 million and an operating loss of $21 million. Prada is expected to have the resources to revive Versace, but the process could take years.
As of April 1, Donatella Versace will no longer be in charge of the creative process of the house, handing over this position to Dario Vitale, former director of design and image of Miu Miu. Donatella Versace is not going to say goodbye to the house, which she has led since 1997, after the death of her brother Gianni, as John D. Idol, chairman and CEO of Capri Holdings, assured, she will become its main ambassador and “continue to support the brand and its values”.
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The agreement between Prada and Capri Holdings to buy Versace could be a matter of weeks. According to information published by Il Sole 24Ore, April 10 will be the date for the conclusion of negotiations. The price…
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Retail Arithmetic
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