India, April 10 -- Fashion luxury group Capri Holdings Ltd. (CPRI), owner of iconic brands Versace, Jimmy Choo and Michael Kors, announced Thursday that it has entered into a definitive agreement to sell fashion luxury house Versace to Italian luxury fashion house Prada S.p.A. for $1.375 billion in cash, subject to certain adjustments.
Versace is an iconic Italian fashion luxury house founded 46 years ago by Gianni Versace. This transaction reflects Capri's commitment to increase shareholder value, strengthen its balance sheet and power the future growth of Michael Kors and Jimmy Choo.
The sale of Versace is expected to enable Capri Holdings to make accelerated strategic investments in Michael Kors. The proceeds from the sale will be used...