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Prada Group says it's purchased fashion rival Versace in deal worth $2.2 billion
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Lorenzo Bertelli and Andrea Guerra on Prada’s Manufacturing History and Welcoming Versace into the Fold
Lorenzo Bertelli believes that artificial intelligence and artisanal intelligence are the twin engines powering the future of the fashion industry. Proof of this vision lies in Prada’s continued investment in training the next generation of skilled talent across its companies.
For the past 25 years, the Prada Academy — an in-house training school established at every one of the group’s manufacturing sites — has been shaping the expert workforce behind everything, from leather goods to ready-to-wear. to footwear. And its reach is about to grow even further: with the upcoming 100% acquisition of Versace from Capri Holdings set for December 2, the Academy is poised to welcome a new chapter and an even broader pool of young artisans eager to learn their craft.
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Prada’s Versace Acquisition Closes, Now the Real Work Begins
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MILAN — Prada Group on Tuesday officially took control of Versace, which, despite its global recognition, powerful place in pop culture and clear aesthetic signature, has never had business success to match the strength of its brand.
With the €1.25 billion ($1.44 billion) acquisition, which cleared final regulatory hurdles, Prada adds one of Italy’s most glamorous but troubled fashion houses to its portfolio: Versace has been listless under Capri Holdings, which paid €1.83 billion for the house in 2018.
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