Italian luxurious trend home Prada reached an settlement to amass its rival Versace for €1.25 billion (round $1.375 billion), Prada stated in an announcement Thursday.
The transaction will likely be funded by €1.5 billion in new debt made up of a €1 billion time period mortgage and €0.5 billion in a bridge facility.
“Founded in 1978 in Milan, Versace is one of the leading international fashion design houses and epitome of Italian luxury worldwide. Building on a remarkable brand awareness, Versace stands as a distinctive asset in the luxury landscape,” it stated.
“Deeply rooted in the history of fashion, the brand displays strong potential to read contemporaneity and marked sensibility in capturing and anticipating the spirit of today’s and future society,” it added.
Prada stated Versace will represent a strongly complementary addition to the Prada Group’s portfolio and show vital untapped development potential leveraging a number of worth creation levers.
Within the Prada Group, Versace will preserve its inventive DNA and cultural authenticity, whereas benefitting from the complete power of the group’s consolidated platform, together with industrial capabilities, retail execution and operational experience, it stated.
“The acquisition of Versace marks another step in the evolutionary journey of our Group, adding a new dimension, different and complementary. The Group’s infrastructure is strong, we have verticalised our brands’ organisations and reinforced our routines and processes,” stated Andrea Guerra, the Prada Group CEO.
Source: www.anews.com.tr