Prada is purchasing Versace for $1.38 billion which will greatly change the luxury fashion industry. The famous fashion brands will now be two of the most celebrated houses in Italy. The announcement was made last Thursday.
With luxury products in low demand, Prada is still trying to expand overseas and increase brand sales. Versace on the other hand, will benefit from dependable financial aid and hope for better profits than previously reported losses.
Prada gains a new stylish brand for their customers while maintaining brand identity. It’s not only a financial deal, but also brings a mix of fashion styles together — bold, baroque glamour of Versace with clean, restrained elegance of Prada.
In addition to trying to be the best global luxury brand, Prada also aims to change the face of Italian fashion, where creativity and smart business thinking combine are merge.
