Prada Group has purchased Versace in a €1.25 billion deal, planning to inject an additional €250 million to revitalize the iconic brand with the Medusa logo. According to a joint statement, Versace has been sold by Capri Holdings, which had owned it since 2018, bringing together two heavyweight names in Italian fashion design under the Prada family umbrella.
The acquisition comes as Versace faces financial challenges, with revenues dropping 19% over the past year to $810 million. Prada's decision to proceed despite new tariffs that will affect both companies demonstrates its determination to strengthen its position in the luxury market.
In a social media post featuring herself with Miuccia Prada, Donatella Versace expressed enthusiasm about joining the Prada family, mentioning that both she and her late brother Gianni had always admired the company. She highlighted her confidence in Prada as a stable, Italian family-owned business.
Patrizio Bertelli, Prada Group Director, stated: "We aim to preserve Versace's legacy by celebrating and reinterpreting its bold, timeless aesthetic while providing a solid platform strengthened by years of continuous investment and long-standing relationships". He added that the companies share a "strong commitment to creativity, craftsmanship, and tradition".
"We're ready to begin this new chapter. Versace has tremendous potential. The journey will be long and require disciplined execution and patience. Brand evolution always takes time and constant attention", said Andrea Guerra, Prada Group CEO.
Guerra further noted: "This acquisition marks another milestone in our Group's evolutionary journey, adding a new, different, and complementary dimension. I would like to thank Capri Holdings for preserving and enhancing this wonderful brand's heritage. Despite industry uncertainties, we look to the future with confidence, focused on a long-term strategic vision".