Prada buys Versace for $1.4B to create Italian fashion powerhouse: ‘Huge potential'
1. Prada acquires Versace for $1.375 billion, uniting major Italian fashion brands. 2. Versace faced losses recently; Prada seeks to expand its luxury appeal. 3. Acquisition price is a significant discount from the 2018 valuation. 4. Capri Holdings experiences a 3% drop in shares post-announcement. 5. Prada commits to 1.5 billion euros new debt to finance the deal.