Italy's Prada Agrees To Buy Rival Versace For 1.25 Bn Euros [Barron's]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Barrons
The acquisition will create a luxury group with revenues of over six billion euros that could better compete with industry giants such as the French conglomerates LVMH and Gucci owner Kering, amid a slowdown in the sector worldwide. "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," Prada group chairman and executive director Patrizio Bertelli said in a statement. In 2018, Capri paid 1.83 billion euros (then $2.1 billion) to acquire Versace, which was previously owned 80 percent by the Versace family and 20 percent by the US investment fund BlackRock. Amid declining sales at the Milan-based label, it put Versace up for sale, and began exclusive negotiations with Prada at the end of February. Capri, which also owns Jimmy Choo and Michael Kors, had to accept a reduced price from Prada amid the market turmoil caused by US President Donald Trump's tariffs
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