Two of the biggest names in Italian fashion have merged. According to media reports, on April 10, Prada struck a $1.38 billion deal to buy smaller rival Versace from US-based Capri Holdings.
Prada seeks to expand, defying a slowdown in luxury demand, while Versace has been operating at a loss.
“There are no overlaps in creativity or customers,” said Lorenzo Bertelli, marketing director and a family member who controls Prada.
The merger strengthened Italy’s hand in the luxury industry, led by French conglomerates.
“We will provide (Versace) with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships,” Prada Chairman Patrizio Bertelli said in a statement. Bertelli is the husband of Prada designer Miuccia Prada, and the couple are leading shareholders in the company.
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