Tag: Versace

Prada buying rival fashion brand Versace in $1.36bn deal | BBC News

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Prada has agreed to buy its smaller rival Versace in a billion-dollar deal to unite two of the biggest designer fashion labels.

The deal to unite the two Italian brands has an estimated value of $1.36bn (£1.06bn), the Prada Group said on Thursday.

“We aim to continue Versace’s legacy, celebrating and re-interpreting its bold and timeless aesthetic,” said Prada chairman Patrizio Bertelli.

The Prada Group already owns several other designer labels, including Miu Miu and luxury footwear brand Church’s.

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Why retailers are fleeing Fifth Avenue | CNN

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Midtown Manhattan has been one of the most coveted spots in the world for fashion houses. Now, it’s emptying out.

Calvin Klein announced Thursday that it would close its Madison Avenue store in the spring. It joins an exodus that includes Ralph Lauren (RL), Lord & Taylor and Henri Bendel. Gap (GPS) also said over the holidays that it was on its way out, and Versace is reportedly looking to leave Fifth Avenue, too.

The departures show how the role of the flagship fashion store has changed. In many cases, high rent in Midtown Manhattan has made a physical store there untenable. And changes in consumer behavior have forced many of these brands to rethink their strategies.

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