December 03, (THEWILL) — Italian luxury group Prada announced on Tuesday that it has officially acquired Milan fashion rival Versace in a deal worth €1.25 billion, or nearly $1.4 billion.
With the deal, Versace joins the Prada and Miu Miu brand portfolio, signalling a major strategic move for the Italian fashion house.
Lorenzo Bertelli, son of Prada owners, Miuccia Prada and Patrizio Bertelli, will become the executive chairman of Versace after the takeover process is completed.
He said Prada had eyed the deal for several years.
Bertelli noted: “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.”
He added that the acquisition satisfied two main conditions: it was financially sound and Versace remained a globally recognised brand with substantial potential.
After a period of weaker performance under previous ownership, the acquisition is expected to revitalise Versace, leveraging Prada’s infrastructure, international reach, and commitment to craftsmanship.
In a brief statement, Prada said the transaction was completed after receiving all required regulatory approvals.
Evi Ben Ezaga writes on entertainment, culture, and trending stories.
