Italian luxury group Prada has officially completed its acquisition of iconic fashion house Versace, finalising a deal valued at around €1.3 billion, according to media reports.
The transaction follows a definitive agreement signed in April to purchase Versace from U.S.-based Capri Holdings. Capri’s earlier plan to sell itself to Tapestry collapsed over antitrust concerns, creating an opportunity for Prada to accelerate talks, Reuters reported.
Lorenzo Bertelli — son of Prada owners Miuccia Prada and Patrizio Bertelli — is set to take over as executive chairman of Versace once the integration is completed. He told Reuters in November that Prada’s interest in Versace dates back several years, with early discussions taking place even before Capri opened talks with Tapestry.
“There had already been contacts during the COVID period… When that deal fell through over antitrust issues, we came back and tried to speed things up,” Bertelli said, noting that the acquisition had “been in the works for a long time.”
Founded in 1978 by Gianni Versace and known for its bold, glamorous aesthetic, the Milan-based label now joins Prada’s portfolio alongside its flagship brand and the rapidly growing Miu Miu — signalling a strategic expansion for the group.
Reports indicate Bertelli championed the acquisition, viewing Versace as a strong global brand that met Prada’s financial and strategic benchmarks.
The leadership transition at Versace was already underway before the sale. Donatella Versace stepped down as creative chief earlier this year after nearly three decades at the helm and was succeeded by Dario Vitale, previously design director at Miu Miu.
