The EU General Anti-Monopoly Regulatory Authority, the European Commission, has confirmed the acquisition of the Versace brand from the Italian Prada fashion house by Capri Holdings.
"The commission concluded that this deal does not cause competitive concerns, taking into account the limited market position of companies as a result of the proposed merger. The proposed transaction was examined within the framework of the simplified merger review procedure, "the European Commission is reported.
The deal was announced in April and it is planned to be signed in the second half of this year. Versace has been estimated at $ 1,375 billion.
Capri, which is also the owner of Michael Kors and Jimmy Choo, acquired Versace in 2018 for 1.8 billion euros.
