Prada Buys Versace for 1.25 Billion Euros

Milan: Prada on Thursday bought Versace for 1.25 billion euros, the Italian fashion house announced. Prada stated that it has entered into a definitive agreement for the acquisition of 100% of Versace from Capri Holdings.

According to Ansa News Agency, the cash consideration for the acquisition will be based on an enterprise value of 1.25 billion euros. This amount is subject to adjustments at the closing of the deal, as per the details shared by Prada.