Prada Group buys Versace fashion house from its U.S. owner in a deal valued at $1.4Bn

The Prada Group has announced the purchase of the Versace fashion house from the U.S. luxury group Capri Holding in a cash deal valued at 1.25 billion euros ($1.4 billion

ROME -- The Prada Group announced the purchase of the Versace fashion house from the U.S. luxury group Capri Holding in a cash deal valued at 1.25 billion euros ($1.4 billion.)

Versace has been owned since 2018 by the Capri Holding, which includes Michael Kors and Jimmy Choo.

Capri Holding paid $2 billion for Verace, but had been struggling in the recent era of “quiet luxury’’ to position the stalwart of Italian fashion with its sexy silhouettes and loud patterns.

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