“Prada announces today the completion of the acquisition of Versace from Capri Holdings, having obtained all necessary regulatory approvals,” the company revealed in a statement without disclosing the transaction’s value.
The seller, Capri Holdings, stated that the completed operation is valued at $1.375 billion (approximately 1.184 billion euros).
In April this year, when the purchase was announced, Prada, one of the leading Italian fashion brands, had indicated that the acquisition price would be 1.250 billion euros.
The Chairman and CEO of Capri Holdings, John D. Idol, explained that the funds obtained from the sale of Versace would be directed toward paying off most of the company’s debt.
“We remain focused on executing our strategic initiatives at Michael Kors and Jimmy Choo to maximize the potential of our brands,” he stated.
Idol wished the Versace team “much success in the future” and expressed his belief that Prada is “the ideal partner (…) for their next era of growth.”
Once the operation is finalized, Lorenzo Bertelli will take on the role of executive president of the brand.
