Era ends as Prada takes over Versace: What purchase means for global fashion
Prada buys Versace (photo: Getty Images)
The Italian fashion house Prada has officially completed the acquisition of Versace, a brand the company had been aiming to add to its portfolio for several years, reports Reuters.
In April, Prada signed the final agreement to purchase Versace from the American company Capri Holdings for approximately 1.3 billion euros (roughly $1.51 billion).
An earlier plan to sell Versace to Tapestry fell through due to objections from antitrust regulators, which opened the door for Prada.
The son of Prada owners Miuccia Prada and Patrizio Bertelli, Lorenzo Bertelli (who will become executive chairman of Versace after integration is complete), explained that their interest in the brand began during the pandemic.
"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," Lorenzo Bertelli explained.
"It was something that had been in the works for a long time," he added.
Prada buys Versace (photo: Getty Images)
Versace changes ownership after decades of independence
The House of Versace was founded in 1978 by Gianni Versace in Milan and became a symbol of bold, glamorous, and instantly recognizable aesthetics.
The brand will now officially join the Prada Group alongside Prada and Miu Miu, marking a major strategic shift in the Italian luxury industry.
According to Bertelli, Versace met two key criteria for the acquisition:
- Financial viability
- Global brand recognition.
It is worth noting that in March, Donatella Versace stepped down from her role as creative director, a position she held for nearly 30 years. Dario Vitale, the former design director of Miu Miu, replaced her.
Dario Vitale (photo: instagram.com/dario___vitale)
How this will change the global fashion industry
Experts are already calling Prada's takeover of Versace one of the most significant luxury deals of the decade. It signals:
- Strengthening the position of Italian brands in global competition with French giants LVMH and Kering
- A possible shift in Versace's creative direction under Prada's influence
- New formats of collaborations and stylistic experiments
- A redistribution of roles among premium fashion houses.
Thus, the Prada–Versace deal may not only reshape both brands but also set new standards for the entire global fashion industry.
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