Versace is Now a Part of Prada Group
Late last week, Prada Group announced it has acquired the venerable Italian fashion house Versace from Capri Holdings (parent company of Michael Kors and Jimmy Choo) for a tentative €1.25 billion. The final cash consideration is still pending approval.
As Fashionista reports, Capri Holdings put Versace on the market last November, following the company’s failed $8.5 million merger with Coach-parent Tapestry. The company’s been struggling ever since, with a double-digit decline in revenue in 2024 and a nearly 50% stock plunge immediately following its failed deal. In a bid to reestablish its footing, Capri is putting all its focus on Michael Kors. (Jimmy Choo is currently up for sale.)
Prada Group chairman and executive director Patrizio Bertelli said in a statement, “We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftsmanship and heritage. We aim to continue Versace’s legacy, celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships. Our organization is ready and well positioned to write a new page in Versace’s history, drawing on the Group’s values while continuing to execute with confidence and rigorous focus.”
The acquisition of Versace follows recent internal changes: In March, longtime creative director Donatella Versace announced she would be stepping down and into a new chief brand ambassador role. Prada Group’s Miu Miu alumnus Dario Vitale has been appointed as her successor.
Though Versace is juggling new leadership — creative and corporate — Prada Group emphasized that the brand will maintain its artistic DNA and authenticity. “The acquisition of Versace marks another step in the evolutionary journey of our Group, adding a new dimension, different and complementary,” Andrea Guerra, Prada Group CEO, said in a statement. “The Group’s infrastructure is strong, we have verticalized our brands’ organizations and reinforced our routines and processes. We feel ready to open this new chapter.”
—
Photo Credit: DELBO ANDREA / Shutterstock.com
