EC approves purchase of Versace brand by Italian fashion house Prada
30 September 17:01
The European Commission has approved the purchase of the Versace brand by Italian fashion house Prada for $1.4 billion from Capri Holdings. This is stated in the release of the EC, "Komersant Ukrainian" reports.
According to the European Commission, the deal was announced in April and is expected to close in the second half of this year under a simplified merger review procedure.
“The Commission has concluded that the transaction does not raise competition concerns, given the limited market power of the companies as a result of the proposed merger,” the release said.
on April 9, it was reported that Prada’s negotiations to buy Versace from Capri were in danger of collapse.
