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The Independent UK

National

Colleen Barry

Prada agrees to buy rival Versace in a deal valued at over $1bn

Donatella Versace Gianni Versace Miuccia Prada Capri Holdings Group United States The Prada Group Dario Vitale Luxury Milan

The Prada Group has announced its acquisition of the Italian fashion house Versace from Capri Holdings, a U.S. luxury group, in a deal valued at $1.4 billion.

Prada highlighted that Versace's "highly recognizable aesthetic" would be a "strongly complementary addition" to its existing portfolio, which includes the Prada and Miu Miu brands. The group also noted Versace's "significant untapped growth potential" based in Milan.

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