The dust has finally settled on the much-talked-about "Italian" marriage of wealthy families in the luxury industry: Medusa is really going to "marry" into the inverted triangle.
4月10日晚，義大利奢侈品巨頭普拉達（01913.HK，品牌名“Prada”）在港交所發佈公告稱，計劃以13.75億美元（約合人民幣100.57億元）的價格收購義大利時尚品牌范思哲（Versace）。范思哲母公司美國奢侈品集團Capri Holdings Limited（以下簡稱Capri集團）也在隨後發佈相關公告稱，已與普拉達達成最終協定。4月11日，普拉達股價上漲2.4%至49港元/股，總市值達1254億港元。
Image source: Screenshot of Capri Group's official website
In fact, since the beginning of this year, news about Prada's intention to acquire Versace has been coming out one after another. The reporter of "Daily Economic News" noticed that this may be the second time that Versace has been sold in seven years. In 08, Capri Group acquired Versace for 00 million euros (about 00 million US dollars at the current exchange rate), and the purchase price of Prada 00 million US dollars (about 00 million euros) was about one-third lower than before.
From the financial point of view, Versace's sales in fiscal year 32 are expected to decline to 00 million US dollars, and compared with the decline in the performance of luxury groups such as LVMH (LVMH Group), Prada has bucked the trend and its latest financial report shows that its revenue in fiscal year 0 is 00 million euros.
After the successful completion of this acquisition, will Prada be able to boost Versace's performance through resource integration? It is worth noting that behind this "power game" started by Italian brands, the "chips" of Capri Group have become smaller, and can it rely on Michael Kors (hereinafter referred to as MK) to stabilize its influence in the high-end fashion field in the future? What kind of reshuffle will the competitive landscape of the luxury market usher in?
4月10日，普拉達和Capri集團相繼發佈公告稱，兩家公司已達成最終協定，普拉達將以13.75億美元現金收購Capri集團旗下的品牌范思哲，但最終成交金額可能會有所調整。交易預計於2025年下半年完成，在此之前還需滿足慣例成交條件，包括獲得監管部門的批准。
From the perspective of both acquisitions, Versace was born in Milan in 1978 years, starting from haute couture, and later covering accessories, shoes, watches, jewelry, perfumes and other categories. It uses the Medusa in Greek mythology as the brand logo (logo), and the design style is very distinct. Versace was once considered one of the pioneers of world fashion for the wearing of celebrities such as Michael Jackson and Angelina Jolie.
Image source: Versace official website
但近年來，范思哲的發展似乎陷入了低谷。Capri集團2024財年報告顯示，范思哲營收為10.3億美元，同比下降6.9%，獲利率僅為0.4%。Capri集團此前預計，范思哲2025財年銷售額（截至2025年3月）將較前一年的10億美元下降至8.1億美元。而據普拉達收購范思哲公告中的財務數據，范思哲在2025財年前9個月（截至2024年12月28日）營收為6.13億美元，淨虧損0.41億美元。
As a "buyer", Prada also made its fortune in Milan, the earliest can be traced back to 1913 years, and now the group has held Prada, Miu Miu, Church's, Car Shoe and other well-known brands, and is a luxury group in the limelight in the industry. While the overall growth of the luxury market is slowing down, such as LVMH, the parent company of LV, and Kering, the parent company of Gucci, have both declined, Prada has bucked the trend.
Prada's latest financial report shows that at constant exchange rates, Prada's revenue in fiscal year 2 was 00 million euros, a year-on-year increase of 0%; Among them, the retail sales of Prada and Miu Miu were 0.0 billion euros and 0.0 billion euros, respectively, an increase of 0.0% and 0.0%.
"We believe that Prada is the perfect company to further lead Versace into its next phase of growth and success." John D. Idol, Chairman and Chief Executive Officer of Capri, stated.
As for the follow-up development plan, Prada said that it will retain Versace's own creative DNA (genes) and cultural authenticity, while it will benefit from the strength of the group's platform, including the expertise accumulated in retail and operational processes.
《每日經濟新聞》記者注意到，此番將再度被賣的范思哲，其“身價”較2018年以21.5億美元“賣身”給Capri集團時已縮水不少，近七年減少了逾7億美元。
The uncertainty of international trade caused by the US tax hike policy is believed to have a huge impact on consumer trends, purchasing behaviors and decisions in the luxury industry, so Prada's acquisition plan is seen by many as a risky move.
"The acquisition of Versace represents a new step in the development of our group and adds a new, unique and complementary dimension." Andrea Guerra, CEO of Prada, said that the group is ready to start a new chapter and believes that Versace has great potential.
"In the long run, I feel like it's a deal to look forward to. The essence of luxury brands is to sell brand spirit and cultural differences, and the differences between Prada and Versace in the northern and southern Italian cultures can ensure that Prada seeks growth points in the next fashion cycle. Gu Haoquan, founder of poptag, a fashion creative consulting agency, said in an interview with a reporter from the "Daily Economic News".
Image source: Versace official website
According to Gu Haoquan's organization, which has provided services for luxury brands such as Prada and Dior, Prada has actively acquired designer brands with similar styles in the capital market, but it is difficult for too similar brand bases to obtain resource tilt in the group, so as to seek differential increments in the luxury industry, so the previous transactions have not been satisfactory.
But this acquisition of Versace, Gu Haoquan believes that it is expected to add a complementary new narrative to Prada. "In fact, during the operation of the Capri Group, Versace also proved that it has strong brand potential, but Donatella Versace (the former chief designer of Versace) has too traditional 'Italian' publicity in the creative direction, so it has failed to help the brand find a breakthrough in the industry. However, Miuccia Prada, who is familiar with the culture of the north and south of Italy and has a doctorate in political science, has a knack for building brands with different narratives, so Versace was undoubtedly the best choice. ”
In Gu Haoquan's view, this marriage of Italian giants can allow Prada to enrich its brand matrix and increase its competitive chips in the global luxury market, but it will also face some new challenges. "The essence of competition in the high-end luxury industry is the competition of creativity and culture, so it is extremely difficult to operate multiple brands."
"LVMH has always been emulated by the world's major fashion groups, but its complex echelon brands have become financial risks large and small in the midst of economic fluctuations." Gu Haoquan bluntly said to the reporter of "Daily Economic News" that for Prada, whether its foundation brands Prada and Miu Miu can continue to grow is the key to determining the stability of the group. "Otherwise, it's like Kering, which has lost the support of its core brand Gucci, whose brand equity has been questioned many times."
The acquisition of Versace is undoubtedly a further consolidation of Prada's strength, but on the other hand, the sale of Versace has made the "chips" of the Capri Group smaller. With the loss of this important brand, will the competitiveness of the Capri Group in the premium market be weakened by the reduction of brand resources?
As for the sale of Versace, Capri Group believes that the sale will help optimize the group's balance sheet and accelerate the strategic investment in the core brand MK.
但事實上，輕奢集團的日子不太好過，Capri集團曾想整體“賣身”但被叫停。2023年8月，Coach的母公司Tapestry,Inc.（泰佩思琦）宣佈與Capri集團達成併購協定，當時評估Capri集團的總企業價值為85億美元。但這項交易隨後遭遇“市場壟斷”等問題，2024年11月雙方宣布終止交易。
"From the collapse of the acquisition to the sale of Versace at a bargain price, the Capri Group has proven its lack of multi-brand capabilities in the high-end fashion sector." Gu Haoquan analyzed to the reporter of "Daily Economic News" that the brand divestiture is undoubtedly an opportunity for Capri Group to reduce its financial burden and return to build its core brand MK.
However, Gu Haoquan believes that the key to Capri Group's regaining its high-end fashion influence lies in: "On the one hand, learn from the Tapestry Group, which also belongs to the American gene, how it reshapes Coach's strategy in the face of adversity; On the other hand, in the competition in the affordable luxury market, we seek opportunities to create explosive products".
"In the future, large-scale mergers and acquisitions in the luxury market will continue to occur, and small and medium-sized brands will increasingly focus on communicating with their precise people." Gu Haoquan told reporters, but for luxury groups, how to ensure the competitiveness of their core brands is the biggest risk point after multi-brand mergers and acquisitions.
National Business Daily