BRIEF: Prada to acquire Versace for $1.4 billion
Luxury brand owner Prada Group (1913.HK) said on Thursday it will acquire GIVI Holding, owner of the Versace brand, for $1.38 billion in cash. Upon completion of the deal GIVI will become a Prada subsidiary.
Founded in Milan in 1978, Versace started as a haute couture brand and gradually expanded to other regions and categories, including ready-to-wear clothing, shoes, glasses, jewelry, perfumes and home decorations. The company recorded revenue of $1.03 billion and an operating loss of $41 million for its fiscal year through March 2024.
In addition to its signature brand, the Prada Group’s other brands include Miu Miu, Church’s, Car Shoe, Pasticceria Marchesi and Luna Rossa.
Shares of Prada were up 1.6% in Friday afternoon trading in Hong Kong.
By Lau Chi Hang
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