The Prada Group announced a plan to buy Versace from U.S. luxury group Capri Holdings for 1.25 billion euros. CBS News' Shanelle Kaul reports.

Milan

Prada Group has announced its plan to acquire Versace, a prominent Italian luxury fashion house, from the U.S. luxury group Capri Holdings. The transaction is valued at approximately 1.25 billion euros, or roughly $1.38 billion. This acquisition represents one of the most significant deals in the luxury fashion sector this year.

Capri Holdings, based in New York City, previously marketed itself as America's response to established French fashion houses. However, its sale of Versace to Prada underlines shifting dynamics in the luxury market. The merger is poised to enhance Italy’s influence in the international luxury industry, bringing together two of the foremost names in Italian fashion under one corporate umbrella.

The deal emphasizes the enduring value of Italian craftsmanship in luxury fashion. The timing of this acquisition is notable, occurring amid economic fluctuations in the U.S., partly due to tariff policies introduced during the presidency of Donald Trump. This acquisition by Prada is viewed as a strategic move to capitalize on the global appeal and reputation of Italian-made luxury goods.



Prada to buy Versace for nearly $1.4 billion

Hey, so we also we also understand that you're watching something in the fashion world, kind of a big headline here in a billion plus headline. Oh, a huge headline. I mean, this is the biggest luxury deal of the year. Reid Prada announcing it is buying Versace. Forget this one point three eight billion with the B dollars. And they bought it read from Capri Holdings, which if you're not familiar with this, it is a New York City group that at one point sort of tried to tout itself as the American answer to legendary French fashion houses. And this is a big deal for a lot of reasons. I mean, first of all, Prada and Versace, we know them, we're familiar with them. These are fashion rivals or two of the biggest names in Italian fashion. And so because of that, this merger essentially is setting up Italy to have a bigger hand in the global luxury market. I also want to read you the byline of the New York Times article on this story. It says it's a big bet on the value of made in Italy. And the timing here is so interesting because we're talking about made in America, right? It comes while we've seen so much uncertainty in the U.S. markets recently because of President Donald Trump's tariff policies. All right. Pretty fascinating. More dollars for Donatella. Thank you so much. I still can't afford it. Thank you.

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