Prada S.p.A. (1913:HK) right this moment broadcasts that it has entered right into a definitive settlement to accumulate 100% of Versace from Capri Holdings (NYSE:CPRI).
The money consideration, based mostly on an Enterprise Worth of €1.25 bn (~$1.39 billion) , is topic to changes at closing.
Based in 1978 in Milan, Versace is among the main worldwide style design homes and epitome of Italian luxurious worldwide. Constructing on a exceptional model consciousness, Versace stands as a particular asset within the luxurious panorama. Deeply rooted within the historical past of style, the model shows sturdy potential to learn contemporaneity and marked sensibility in capturing and anticipating the spirit of right this moment’s and future society.
Prada has introduced a definitive settlement to accumulate 100 per cent of Versace from Capri Holdings for €1.25 billion (~$1. 39 billion), topic to changes.
Versace will retain its artistic identification inside the Prada Group, benefitting from its industrial and operational strengths.
Prada sees sturdy development potential in Versace and goals to construct on its legacy with a long-term strategic imaginative and prescient.
With its extremely recognisable aesthetic, the model constitutes a strongly complementary addition to the Prada Group’s portfolio and shows vital untapped development potential leveraging a number of worth creation levers.
Inside the Prada Group, Versace will preserve its artistic DNA and cultural authenticity, whereas benefitting from the complete energy of the Group’s consolidated platform, together with industrial capabilities, retail execution and operational experience.
Patrizio Bertelli, Prada Group Chairman and Govt Director, commented: “We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftmanship and heritage. 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. 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.”
Andrea Guerra, Group Chief Govt Officer, added: “The acquisition of Versace marks another step in the evolutionary journey of our Group, adding a new dimension, different and complementary. The Group’s infrastructure is strong, we have verticalised our brands’ organisations and reinforced our routines and processes. We feel ready to open this new chapter. Versace has huge potential. The journey will be long and will require disciplined execution and patience. The evolution of a brand always needs time and constant focus. I would like to thank Capri Holdings for having preserved and enhanced the heritage of this wonderful brand. Notwithstanding the sector uncertainties, we look at the future with confidence, focused on a long-term strategic vision.”
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