Iran’s Currency Slumps to Record as Sanctions Tighten Economy

Hadisur Rahman, JadeTimes Staff

H. Rahman is a Jadetimes news reporter covering Business

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Image Source: Vahid Salemi / AP

Prada Group confirmed on Tuesday that it has completed the purchase of Versace in a deal valued at 1.25 billion euros, uniting the iconic Versace brand with Prada and Miu Miu under one umbrella. The acquisition, which follows Capri Holdings’ prior ownership of Versace, positions Prada to leverage its expansive manufacturing network and luxury platform to relaunch Versace’s growth trajectory.

Prada indicated in a concise statement that all regulatory clearances have been satisfied and the deal is now closed. Lorenzo Bertelli, heir to the Prada dynasty, will assume the role of executive chairman at Versace, augmenting his responsibilities as group marketing director and sustainability chief. He signaled a cautious approach, noting that there were no immediate plans for sweeping executive changes at Versace, while acknowledging the brand’s historical underperformance in recent years.

Industry observers highlight Versace’s untapped growth potential within a broader Prada ecosystem. The brand has been undergoing a creative relaunch under new designer Dario Vitale, who unveiled his inaugural collection during Milan Fashion Week. Vitale’s appointment is not tied to the acquisition, executives emphasized, and he will continue to lead the label’s creative direction.

Capri Holdings acquired Versace in 2018 for about 2 billion dollars, but recent market dynamics have challenged the bold, conspicuous aesthetic Versace has championed amid the shift toward quieter luxury. Within Capri’s portfolio, Versace accounted for a meaningful portion of revenue; Prada’s analysis suggests Versace will contribute to roughly 13 percent of pro-forma revenues post-merger, with Miu Miu at about 22 percent and Prada at 64 percent.

Prada also outlined its ongoing manufacturing integration plans, noting that Versace will join its established leather goods production network. The group outlined continued investments in its supply chain, including new facilities and expansions aimed at strengthening domestic capabilities and efficiency across its brands, alongside a robust in-house artisan training program that has produced hundreds of skilled workers over the years.

Putin and Modi Discuss Energy Ties and Peace Efforts Amid Sanctions Pressures

Hadisur Rahman, JadeTimes Staff

H. Rahman is a Jadetimes news reporter covering Asia

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Image Source: Reuters

Russian President Vladimir Putin and Indian Prime Minister Narendra Modi co hosted talks in Delhi focusing on energy cooperation, trade, and strategic partnerships as Western pressure over Moscow’s actions in Ukraine persists. Putin emphasized Moscow’s readiness to provide uninterrupted fuel shipments to India, arguing that India should not face penalties for buying Russian oil while the United States maintains access to Russian nuclear fuel.

The discussion took place at a moment when Washington is seeking to deter allied nations from engaging with Russia through tariffs and sanctions, and as India faces its own balancing act between energy security and international pressure. Modi reiterated India’s stance of supporting peace in Ukraine while avoiding a stance of strict neutrality, underscoring the importance of strengthening connectivity and economic collaboration with Russia.

During the visit, the leaders signed memorandums covering trade, agriculture, and other sectors, signaling a broad agenda for expanding bilateral cooperation. Modi announced new visa arrangements to facilitate travel for Russian tourists and highlighted the opening of two Indian consulates in Russia, as part of a wider effort to deepen people to people exchanges. They also discussed expanding collaboration in civil nuclear energy, shipbuilding, and critical minerals, with both sides signaling a readiness to scale up bilateral trade from current levels toward a targeted $100 billion.

Putin spoke of a joint vision for a multipolar worldcape under Brics, the informal bloc that includes Russia, India, China, Brazil, and South Africa, aiming to promote greater influence for emerging economies on the global stage. The leaders stated their intention to continue coordinating on foreign policy and defense related development, while expressing confidence in expanding economic and strategic ties in the years ahead.

Prada Completes Acquisition of Versace in a transformative luxury deal

Hadisur Rahman, JadeTimes Staff

H. Rahman is a Jadetimes news reporter covering Business

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Image Source: Chris J. Ratcliffe / Bloomberg via Getty Images

Prada Group confirmed on Tuesday that it has completed the purchase of Versace in a deal valued at 1.25 billion euros, uniting the iconic Versace brand with Prada and Miu Miu under one umbrella. The acquisition, which follows Capri Holdings’ prior ownership of Versace, positions Prada to leverage its expansive manufacturing network and luxury platform to relaunch Versace’s growth trajectory.

Prada indicated in a concise statement that all regulatory clearances have been satisfied and the deal is now closed. Lorenzo Bertelli, heir to the Prada dynasty, will assume the role of executive chairman at Versace, augmenting his responsibilities as group marketing director and sustainability chief. He signaled a cautious approach, noting that there were no immediate plans for sweeping executive changes at Versace, while acknowledging the brand’s historical underperformance in recent years.

Industry observers highlight Versace’s untapped growth potential within a broader Prada ecosystem. The brand has been undergoing a creative relaunch under new designer Dario Vitale, who unveiled his inaugural collection during Milan Fashion Week. Vitale’s appointment is not tied to the acquisition, executives emphasized, and he will continue to lead the label’s creative direction.

Capri Holdings acquired Versace in 2018 for about 2 billion dollars, but recent market dynamics have challenged the bold, conspicuous aesthetic Versace has championed amid the shift toward quieter luxury. Within Capri’s portfolio, Versace accounted for a meaningful portion of revenue; Prada’s analysis suggests Versace will contribute to roughly 13 percent of pro-forma revenues post-merger, with Miu Miu at about 22 percent and Prada at 64 percent.

Prada also outlined its ongoing manufacturing integration plans, noting that Versace will join its established leather goods production network. The group outlined continued investments in its supply chain, including new facilities and expansions aimed at strengthening domestic capabilities and efficiency across its brands, alongside a robust in-house artisan training program that has produced hundreds of skilled workers over the years.