Prada Takes Over Versace After Extended Negotiations
Milan, Italy
Reuters —
Prada has finalized its acquisition of Versace, a brand long sought after by the Italian luxury group.
The agreement, signed in April, involves Prada purchasing Versace from US-based Capri Holdings for approximately 1.3 billion euros ($1.51 billion). This move followed the collapse of Capri’s sale to Tapestry due to antitrust challenges.
Prada’s Lorenzo Bertelli speaks during a press conference in Milan, in October 2024.
Marco Bertorello/AFP/Getty Images
Lorenzo Bertelli, son of Prada owners Miuccia Prada and Patrizio Bertelli, indicated in November that he will become executive chairman of Versace following the completion of the integration. He noted that the interest in acquiring Versace had been a long-standing goal.
“There had already been contacts during the COVID period. There were talks even before Capri’s sale to Tapestry. When that deal fell through over antitrust issues, we came back and tried to speed things up,” said Bertelli.
“It was something that had been in the works for a long time,” he added.
Founded in 1978 by Gianni Versace in Milan, the brand is renowned for its bold and glamorous aesthetic. Its addition to Prada’s portfolio, which includes the main labels Prada and Miu Miu, signifies a notable strategic shift for the fashion house.
Bertelli, a strong advocate for the acquisition, emphasized that Versace fulfilled key conditions: financial viability and a strong global brand presence.
Just weeks before the Prada announcement, Donatella Versace stepped down as creative chief after nearly thirty years, marking a significant transition for the brand.
Dario Vitale, previously the design director at Miu Miu, has been appointed to succeed her in this pivotal role.
