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International Business Times

Business

Italy's Prada Agrees To Buy Rival Versace For 1.25 Bn Euros

Miuccia Prada Donatella Versace CAPRI United States Capri Holdings Donald Trump Jimmy Choo Michael Kors Fendi Gucci

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. (Credit: AFP)

Italian fashion house Prada announced Thursday it had reached a deal with US group Capri Holdings to buy its flashy rival Versace for 1.25 billion euros ($1.38 billion).

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.

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FL Declares Emergency in 25 Counties as Gulf Depression Could Become Season's First Hurricane, Residents Warned

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‘Not exactly his favorite senator’: Susan Collins distances herself from Trump in Maine debate

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One subscription that gives you access to news from hundreds of sites

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‘Not exactly his favorite senator’: Susan Collins distances herself from Trump in Maine debate

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