Newscasts - Prada completes Versace takeover after long courtship
02/12/2025 14:56
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_rxlls2om&referenceId=tag:reuters.com,2025:newsml_RW668702122025RP1_930&pageId=Newscasts Source: 'Reuters - Business videos' Description: Prada said on Tuesday it had completed the acquisition of smaller Italian rival Versace, a brand the luxury group said it had long coveted. Ciara Lee reports. Short Link: https://lseg.group/4pktKr0 Video Transcript: Prada said on Tuesday it had completed the acquisition of smaller Italian rival Versace. Prada signed a definitive agreement in April to buy Versace from U.S.-based Capri Holdings for about $1.51 billion. That was after Capri's sale to Tapestry was scrapped in the wake of a challenge by antitrust regulators. Lorenzo Bertelli, the son of Prada owners Miuccia Prada and Patrizio Bertelli, told Reuters in November that he will become the executive chairman of Versace once the integration is complete. He said that Prada had been keen on a deal for several years. Founded in 1978 by Gianni Versace in Milan, the brand has been renowned for its bold, glamorous aesthetic. It will join the group's two main labels, its namesake Prada and the smaller but fast-growing Miu Miu. It marks a sharp strategic shift in the Italian fashion house. In March, a few weeks before the deal with Prada was announced, Donatella Versace stepped down as creative chief after almost three decades in the role. Dario Vitale, who was formerly design director at Miu Miu, took over the job. [uk.finance.yahoo.com], [invezz.com], [channelnewsasia.com], [money.usnews.com], [en.wikipedia.org]