Prada Completes Acquisition of Versace for $1.38 Billion

On Tuesday, Prada (PRDSY) completed its acquisition of Versace from US luxury conglomerate Capri Holdings (CPRI) for $1.375 billion, uniting the two Italian fashion brands under one roof.

The transaction, which the companies confirmed on Tuesday, gives Versace a valuation below the $2.1 billion Capri paid for the brand in 2018. In a press release, Capri stated that the sale allows it “to repay the majority of our debt, which will substantially strengthen our balance sheet,” and make strategic investments in its Michael Kors and Jimmy Choo brands.

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