Prada finalizes long-awaited Versace takeover
Prada has officially completed its acquisition of Italian luxury rival Versace, finalizing a deal the fashion house had pursued for years. The takeover, valued at about 1.3 billion euros ($1.51 billion), was first agreed in April after U.S.-based Capri Holdings sold the brand following its failed merger with Tapestry due to antitrust objections.
Lorenzo Bertelli, son of Miuccia Prada and Patrizio Bertelli, said he would become executive chairman of Versace once the integration is complete. He noted that Prada had been eyeing the brand for a long time, with talks dating back to the COVID period and even earlier, News.Az reports, citing Reuters.
“When the Capri–Tapestry deal collapsed over antitrust issues, we moved quickly,” Bertelli told Reuters, calling the acquisition “something that had been in the works for a long time.”
The move marks a major strategic shift for Prada Group. Versace—founded in 1978 by Gianni Versace and known for its bold, glamorous style—will join Prada’s flagship label and its fast-growing Miu Miu brand.
Bertelli said Versace fit two essential criteria: it posed no excessive financial risk and offered significant value due to its strong global brand recognition.
Earlier this year, Donatella Versace stepped down after nearly three decades as creative chief. She was succeeded by Dario Vitale, formerly design director at Miu Miu, signaling a new chapter for the iconic fashion house.
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