文 |零售圈 导语： 回顾刚过去的2025年，零售行业的大规模并购交易，几乎从未停歇。这一系列并购事件不仅改变了零售 行业的格局，也揭示了行业内部的深刻变革——零售行业正在经历新一轮"资本大洗牌"。 在这一年里，我们看到头部企业纷纷"做减法"，剥离非核心资产以聚焦主业，如阿里巴巴彻底退出银泰 百货与高鑫零售，同时也见证了不少巨头"做加法"，通过并购扩充品牌矩阵、切入新赛道，如普拉达收 购范思哲构建奢牌三角，玛氏以超350亿美元吞下品客母公司，组建零食帝国。 私募资本成为了关键推手，KKR、博裕、CPE源峰等机构频繁出手，以资本赋能实体，推动品牌转型与 扩张。而本土消费品牌如大窑汽水、蜜雪冰城，则通过引入资本或收购细分赛道玩家，加速全国化与生 态化布局。 从国际食品巨头的强强联合，到本土品牌的资本化转身；从互联网巨头实体布局的深化，到私募基金对 传统业态的焕新改造，这些交易背后，是零售业面对渠道变迁、消费分级与竞争全球化所做出的集体回 应。 无论是德弘资本对高鑫零售的"买手制"改造，还是京东跨洲收购德国Ceconomy的出海雄心，都标志着 行业正从规模扩张走向精益运营，从流量争夺转向供应链与品牌价值的深耕，他们 ...

Group 1 - Prada completed the acquisition of Versace from Capri Holdings for $1.25 billion, marking a strategic move to enhance its portfolio [1] - Capri Holdings faced financial pressure and declining revenues, leading to the decision to sell Versace, which had seen a 15% revenue drop to $193 million in FY2025 [1][2] - The sale proceeds of $1.375 billion will primarily be used to pay down debt, significantly improving Capri's financial situation and reducing its leverage ratio [2] Group 2 - The acquisition allows Prada to increase its pro-forma revenue by 13% and leverage the Italian supply chain for growth potential [1] - Capri's CEO John Idol emphasized the importance of the sale in enhancing the company's balance sheet and providing financial flexibility for future investments [2] - The sale of Versace is a critical step in Capri's restructuring plan, allowing it to focus on its core brands, Michael Kors and Jimmy Choo, amidst ongoing challenges [2][3]

Group 1 - The acquisition of Versace by Prada Group for $1.375 billion marks a significant shift in the luxury brand landscape, integrating a culturally influential brand into Prada's portfolio [1] - Versace has struggled commercially under Capri Holdings, failing to regain its former glory post-pandemic, while the acquisition is seen as a potential revival for the brand and a strategic expansion for Prada [1][5] - The deal is not merely an asset transfer but represents Prada's most ambitious strategic shift in decades, moving from a "dual-brand matrix" to a "three-brand system" that can compete with giants like LVMH and Kering [5] Group 2 - The timing of the acquisition coincided with Gianni Versace's birthday, adding symbolic significance to the event, as Donatella Versace celebrated the occasion on social media [2] - The appointment of Dario Vitale as the new creative director of Versace, following Donatella's departure, is viewed as a strategic move by Prada to reshape the brand's creative direction and commercial rhythm [5] - The merger of these iconic Milanese brands signals a new strategic cycle in the luxury sector, emphasizing the importance of cultural assets and global narratives over individual product aesthetics [5]

Core Viewpoint - Versace has been sold to Prada for $1.375 billion, approximately 33% less than the $2.15 billion paid by Capri Holdings seven years ago [1][2] Group 1: Acquisition Details - Prada announced on April 10 that it plans to acquire Versace for $1.375 billion (approximately €1.25 billion) [2] - Following the acquisition, Versace will become a subsidiary of Prada, which aims to leverage Versace's distinct aesthetic to complement its brand portfolio [2] - The acquisition price values Versace at 1.33 times its projected revenue for the fiscal year 2024 [6] Group 2: Financial Performance - Capri Holdings, Versace's parent company, has faced declining revenues, with a reported third-quarter revenue of $1.26 billion for the fiscal year ending December 28, 2024, down 11.6% year-over-year [4] - Versace's performance has been the weakest among Capri's brands, with a 28.2% year-over-year revenue drop to $201 million in the second quarter of fiscal 2025 [4] - In contrast, Prada reported a revenue of €5.432 billion for 2024, a 17% increase year-over-year, and a net profit of €839 million, marking a 25% increase [5] Group 3: Market Context and Challenges - The global luxury goods market is experiencing a downturn, with forecasts predicting annual growth of only 2% to 5% from 2025 to 2027 [7] - Analysts express mixed opinions on whether Prada's acquisition of Versace will be beneficial or pose financial risks, given the differing styles and consumer positioning of the two brands [6][7] - Prada's previous acquisition attempts have not been successful, raising concerns about its ability to enhance Versace's profitability [6]