Prada to buy Versace in a deal valued at $1.4 billion
CBSN
The Prada Group announced a deal Thursday to buy Italy's Versace from the U.S. luxury group Capri Holdings under terms that value the fashion house at 1.25 billion euros ($1.4 billion).
Prada said the addition of Versace's "highly recognizable aesthetic … constitutes a strongly complementary addition" to its portfolio, which includes the Prada and Miu Miu fashion brands. It said Milan-based Versace offered "significant untapped growth potential."
The final value of the deal will be adjusted at closing, expected in the second half of the year. It will be funded by 1.5 billion euros in new debt and has been approved by the Prada and Capri Holdings board of directors.
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