Prada Acquires Versace For $1.4 Billion
Prada S.p.A. has announced today that it has entered into a definitive agreement to acquire Versace from fashion conglomerate Capri Holdings. The takeover is worth €1.4 billion.
Founded in 1978 in Milan, Versace is one of the leading international fashion houses and epitome of Italian luxury. Building on a remarkable brand awareness, Versace stands as a distinctive asset in the luxury landscape. With its highly recognisable aesthetic, the brand will be a strong addition to the Prada Group’s portfolio and has significant growth potential.
Within the Prada Group, Versace will maintain its creative DNA and cultural authenticity, while benefitting from the full strength of the Group’s consolidated platform, including industrial capabilities, retail execution and operational expertise.
Patrizio Bertelli, Prada Group Chairman and Executive Director, commented: “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, craftmanship 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 organisation 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.”
John D. Idol, the Company's Chairman and Chief Executive Officer, said, “Versace is an iconic Italian fashion luxury house founded 46 years ago by Gianni Versace and further developed under the creative vision of Donatella Versace. Over the last six years, we have made tremendous progress in repositioning the brand to place greater emphasis on its luxury heritage and exceptional craftsmanship. Through elevated product, marketing and store enhancements, the brand is now well positioned for sustainable long-term growth. We are confident that Prada Group is the perfect company to further guide Versace into its next era of growth and success.”