CAPRI HOLDINGS ENTERS INTO DEFINITIVE AGREEMENT TO SELL VERSACE TO PRADA
Capri Holdings Limited announced that it has entered into an agreement to sell Versace to Prada S.p.A. for $1.375 billion in cash subject to certain adjustments. The transaction is expected to close in the second half of calendar 2025, subject to customary closing conditions including regulatory approvals. This announcement comes following the March 13th announcement that Donatella Versace would be stepping down from her role as COO into a Brand Ambassador position and that a new COO, Dario Vitale would be assuming her role starting just last week.
In a pervious statement about the leadership change, Donatella said “Championing the next generation of designers has always been important to me, I am thrilled that Dario Vitale will be joining us, and excited to see Versace through new eyes. I want to thank my incredible design team and all the employees at Versace that I have had the privilege of working with for over three decades. It has been the greatest honor of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity. In my new role as Chief Brand Ambassador, I will remain Versace’s most passionate supporter. Versace is in my DNA and always in my heart.”
Regarding the newly announced sale, John D. Idol, the Company’s Chairman and Chief Executive Officer, said, “Versace is an iconic Italian fashion luxury house founded 46 years ago by Gianni Versace and further developed under the creative vision of Donatella Versace. Over the last six years, we have made tremendous progress in repositioning the brand to place greater emphasis on its luxury heritage and exceptional craftsmanship. Through elevated product, marketing and store enhancements, the brand is now well positioned for sustainable long-term growth. We are confident that Prada Group is the perfect company to further guide Versace into its next era of growth and success.”
Mr. Idol continued, “This transaction reflects our commitment to increase shareholder value, strengthen our balance sheet and power the future growth of Michael Kors and Jimmy Choo. We will continue to execute on the strategic initiatives shared at our recent Investor Day and remain confident in the long-term growth potential of Michael Kors and Jimmy Choo.”