Prada Group has officially completed its acquisition of Versace for 1.25 billion euros, equal to about 1.4 billion dollars, marking a significant shift for the Italian fashion house and strengthening its position in the global luxury sector. According to the Associated Press, all regulatory approvals have been secured
The deal places Versace within the same group as Prada and Miu Miu, combining the famed sensual style of Versace with the distinctive ugly chic approach of Prada and the youthful identity of Miu Miu.
The acquisition comes at a pivotal period for Versace. Under Capri Holdings, the brand experienced moderate performance after the pandemic. Despite challenges adapting its bold image to the rising trend of quiet luxury, Versace still accounted for 20 percent of Capri revenues in 2024.
Lorenzo Bertelli will lead the next phase of Versace as executive chairman while maintaining his existing responsibilities within Prada Group, including his roles in marketing and sustainability. He noted that no immediate management changes are expected and emphasized Versace as a brand with substantial untapped growth potential.
Versace is currently in the midst of creative renewal guided by designer Dario Vitale, who presented his first collection in September during Milan Fashion Week.
The acquisition will integrate Versace into the established Italian manufacturing system of Prada, which already includes facilities for leather goods and footwear. This year, Prada invested 60 million euros in its supply chain, in addition to 200 million euros invested between 2019 and 2024. Prada also operates a training academy that has prepared more than 570 artisans over 25 years, reinforcing traditional craftsmanship across its Italian workshops.
Source: Associated Press
Sources
Title: Associated Press
URL: https://apnews.com/
