Despite recent chatter of such an agreement possibly being on the chopping block, Prada will indeed be acquiring Versace. The deal, as first reported by the Wall Street Journal on Thursday, is worth $1.4 billion.
That figure was confirmed in a press release from Prada Group announcing it had entered into a definitive agreement to acquire 100 percent of Versace from Capri Holdings.
In a statement, Patrizio Bertelli, Prada Group chairman and executive director, looked forward to building “a new chapter for the brand” made possible by a shared commitment to “creativity, craftsmanship, and heritage.” Per Bertelli, this means the Versace legacy will continued to be celebrated, all while working to ensure its relevance amid the fashion landscape of today.
“We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships,” Bertelli said. “Our organisation is ready and well positioned to write a new page in Versace’s history, drawing on the Group’s values while continuing to execute with confidence and rigorous focus.”
This story is being updated.
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