Luxury fashion brand, Prada Group has acquired crosstown Milan fashion rival, Versace from the U.S. luxury group, Capri Holdings Ltd, (parent company of Michael Kors and Jimmy Choo) for $1.38 billion. Capri Holdings is restructuring after a failed merger with Tapestry (owner of Coach, Kate Spade and Stuart Weitzman), which was blocked by the US Federal Trade Commission in last November. The deal includes Versace’s debt, is a big discount to the $2.15 billion debt that Capri, then known as Michael Kors, paid for Versace in 2017 when the Versace family and Blackstone sold it.  The acquisition strengthens Italy’s position in … Continue reading Prada buys Versace for $1.4bn