MILAN: Prada mentioned on Tuesday (Dec 2) it had completed the acquisition of smaller Italian rival Versace, a model the luxurious group mentioned it had lengthy coveted.
Prada signed a definitive settlement in April to purchase Versace from US-based Capri Holdings for about 1.3 billion euros (US$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 house owners Miuccia Prada and Patrizio Bertelli, instructed Reuters in November that he’ll develop into government chairman of Versace as soon as the mixing is full. He mentioned that Prada had been eager on a deal for a number of years.
“There had already been contacts in the course of the COVID interval, and there have been talks even earlier than Capri’s sale to Tapestry. When that deal fell via over antitrust points, we got here again and tried to hurry issues up,” Lorenzo Bertelli mentioned.
“It was one thing that had been within the works for a very long time,” he added.
Based in 1978 by Gianni Versace in Milan, the model, famend for its daring, glamorous aesthetic, will be part of the group’s two essential labels – its namesake Prada and the smaller however fast-growing Miu Miu – marking a pointy strategic shift for the Italian vogue 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 price it, given the model ranks among the many world’s leaders when it comes to consciousness.
In March, a number of weeks earlier than the cope with Prada was introduced, Donatella Versace stepped down as artistic chief after virtually three a long time within the function.
Dario Vitale, previously design director at Miu Miu, took over the function.
