FLORENCE, Italy (Reuters) -Prada's <1913.HK> Chief Executive Andrea Guerra said on Friday the Italian luxury group has no further acquisitions in the pipeline after the takeover of Versace, which is
Prada CEO Confirms No More Acquisitions After Versace Deal
FLORENCE, Italy (Reuters) -Prada's <1913.HK> Chief Executive Andrea Guerra said on Friday the Italian luxury group has no further acquisitions in the pipeline after the takeover of Versace, which is expected to be completed next week.
"We'll be fully engaged with Versace for at least three years," Guerra told journalists on the sidelines of an event to celebrate the 25th anniversary of the group's academy.
The Versace deal is expected to close on December 2, he said, adding that the Italian label complements the group's existing brands, flagship Prada and smaller Miu Miu.
"(Versace) is the brand that invented fashion as we know it today, the one that created glamour, introduced supermodels, brought fashion closer to popular culture… and brought music into fashion," Guerra said.
Prada signed a definitive agreement in April to buy Versace from U.S.-based Capri Holdings for about 1.3 billion euros.
Last week, Prada heir Lorenzo Bertelli said the Italian luxury group could look at further acquisitions "if opportunities arise," but stressed that there was nothing on the table and the priority was integrating Versace.
Guerra, who was appointed to the helm of the group in 2023, said that the group aims to grow "at a pace faster than the industry".
Asked about the impact of the U.S. tariffs, he said that "it's behind us."
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(Reporting by Elisa Anzolin, editing by Gavin Jones and Keith Weir)
