Prada完成收购Versace，两个意大利奢侈品品牌合体

Core Insights - Prada has completed the acquisition of Versace for €1.25 billion, with all regulatory checks finalized [2] - Lorenzo Bertelli, Prada's Chief Marketing Officer, has been appointed as the CEO of Versace [2] Financial Summary - Prada has secured a €1.5 billion financing agreement, which includes a €1 billion term loan and up to €500 million in a revolving credit facility, with €1 billion and €300 million already drawn [4] - Additionally, a €200 million bilateral term loan agreement has been established for seven years, with the full amount already withdrawn [4] - As of March 29, 2025, Versace is projected to achieve revenues of €705 million, with an operating loss of €46 million and long-term assets valued at €878 million [4] - For the third quarter, Prada reported revenues of €4.07 billion, reflecting an 8.5% increase at constant exchange rates, with third-quarter revenues of €1.33 billion, up 7.6% at constant exchange rates [4] - Retail sales for Prada decreased by 1.6% year-on-year, while Miu Miu's retail sales increased by 41% [4] Strategic Considerations - Despite both brands being Italian luxury labels, there are significant differences in market positioning and design styles [4] - The acquisition is expected to create synergies, but Versace's recent underperformance adds uncertainty to the integration process [4]