Reported 12 days ago
Prada has announced its acquisition of fashion rival Versace for $1.375 billion, including debt, marking a significant consolidation in the luxury fashion sector. This strategic move aims to bolster Prada's market presence despite a downturn in luxury demand, while providing Versace with a robust platform for growth. The merger occurs following the resignation of Donatella Versace as chief creative officer, and Prada's leadership emphasizes a commitment to preserving Versace’s legacy while expanding its customer base.
Source: YAHOO