By Kanyshai Butun
ISTANBUL (AA) - Italian luxury fashion house Prada announced on Tuesday the completion of its acquisition of Versace from Capri Holdings.
In April, Prada signed an agreement to acquire Versace for €1.25 billion (approximately $1.375 billion).
Capri Holdings said in its statement about plans to repay the majority of its debt with the “successful completion” of the sale.
“We remain focused on executing our strategic initiatives across Michael Kors and Jimmy Choo to maximize the potential of our iconic brands,” John D. Idol, Capri Holdings chairman, said. “Looking ahead, we believe we are on track to stabilize our business this year while establishing a solid foundation for a return to growth in fiscal 2027.”
He added that Prada is “the ideal partner to guide this celebrated luxury house into its next era of growth.”