Headline: UNCAPTIONED: Italian Fashion Giant Prada Buys Versace – At A Discount
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Italian Fashion Giant Prada Buys Versace – At A Discount. The $1.38 billion deal, completed this week, is a significant reduction from the $2 billion Capri Holding paid for Versace in 2018, reflecting the brand’s recent struggles. Prada’s purchase expands its portfolio, which already includes Miu Miu as it looks to compete with rivals like LVMH, which owns brands like Dior and Louis Vuitton. Versace, long synonymous with glamour and its Medusa logo has faced challenges since Donatella Versace stepped down as creative head in March after 27 years. The deal comes as Versace's sales slowed, contributing to a $700 million loss for Capri Holdings. The sale proceeds will be used to pay down debt, strengthening Capri’s balance sheet, according to CEO John D. Idol. The acquisition positions Prada as a more formidable player in the luxury fashion market as it diversifies its brand offerings.
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Keywords: Current Affairs & Politics,business,Versace,Prada,fashion,giant,buys,discount,price,brand,recent struggles,significant drop,$1.38 billion,$2 billion,Capri Holdings,paid,portfolio,Miu Min,LVMH,Dior,Louis Vuitton
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