00:00Product Group has agreed to acquire Versace from Capri Holdings for $1.4 billion, aiming to create a formidable Italian luxury conglomerate.
00:08This acquisition brings Versace back under Italian ownership after its 2018 sale to U.S.-based Capri Holdings.
00:15Donatella Versace has stepped down as chief creative officer, with Dario Vittal from Mio Mio appointed as her successor.
00:22Product plans to maintain Versace's creative identity while leveraging its own industrial and retail capabilities in hope to revitalize the brand.
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