Prada Group has announced that it will buy 100% of the famous fashion brand Versace from Capri Holdings. The deal, worth around €1.25 billion, marks a big move in the luxury fashion world.
Though Prada is paying less than the €1.83 billion that Capri paid for Versace in 2018, the brand is still seen as one of the strongest names in global fashion. Versace was founded in 1978 in Milan and is known for its bold, glamorous style.
Prada Group’s Chairman, Patrizio Bertelli, said they are excited to welcome Versace to their family. “We want to celebrate and continue Versace’s bold and timeless look while giving it the support of Prada’s strong platform,” he said. The goal is to help Versace grow while keeping its creative identity.
Recently, Donatella Versace, sister of founder Gianni Versace, stepped down as creative director. She will now serve as an ambassador for the brand. Dario Vitale, the former design director at Miu Miu, another Prada brand, has taken over her role.
Prada believes Versace has huge potential for growth and will fit well alongside its other brands. CEO Andrea Guerra said, “This is an important step for our group. We are ready to help Versace grow over time, with patience and focus.”
Prada also thanked Capri Holdings for taking care of the Versace brand and preserving its legacy.
Prada hopes to expand its influence in luxury fashion even further with this new deal while honouring Versace’s rich heritage.
