MILAN, Dec 2 – Prada has officially finalized its acquisition of Versace, a smaller yet prestigious Italian rival that the luxury brand has long sought after. The announcement was made on Tuesday, revealing that Prada signed a binding agreement in April to purchase Versace from U.S.-based Capri Holdings for around 1.3 billion euros ($1.5 billion). This acquisition came after Capri’s planned sale to Tapestry was derailed due to antitrust regulatory issues.
Established in 1978 by Gianni Versace in Milan, the brand is famous for its bold and glamorous designs. It will now be part of Prada’s portfolio alongside its flagship brand and the fast-growing Miu Miu, representing a significant strategic pivot for the luxury group.
In an emotional post on Instagram, Donatella Versace, sister of the late Gianni, remarked on the coincidence of the deal’s finalization with her brother’s birthday. “Today is your day and the day Versace joins the Prada family. I am thinking of the smile you would have had on your face. I miss you, always,” she wrote. Gianni Versace was tragically murdered in Miami in 1997.
PRADA HAS LONG BEEN INTERESTED IN A DEAL
According to Reuters, Lorenzo Bertelli, the son of Prada’s co-owners Miuccia Prada and Patrizio Bertelli, stated in November that he would take on the role of executive chairman of Versace once the integration is complete. He mentioned that the Prada Versace acquisition had been a goal for several years. “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,” Bertelli explained.
“It was something that had been in the works for a long time,” he added. Bertelli, who was a strong advocate for the acquisition, noted that Versace met two vital conditions: it was not overly risky financially and it remains a valuable asset, ranking among the global leaders in brand awareness.
In March, shortly before the announcement of the deal with Prada, Donatella Versace resigned from her position as creative head after nearly three decades. Dario Vitale, who previously served as design director at Miu Miu, has now taken over her role.
