April 10, 2025 |
After months of speculation, it was announced today that Prada has officially entered into a definitive agreement to acquire 100 per cent of Versace for a cool €1.25 billion. The transaction is set to close during the second half of the 2025 calendar year. Capri Holdings, the luxury company which currently owns Versace, shared that the deal is subject to adjustments at closing.
“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,” says Patrizio Bertelli, Prada Group chairman and executive director. “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.”
Last month, Donatella Versace was named chief brand ambassador of the fashion house she has helmed for the past 28 years following the death of its founder, and her brother, Gianni. That same day, the maison announced that she would be replaced as chief creative officer by Dario Vitale, Miu Miu’s former design and image director.
The appointment of Vitale marked a decisive shift for the house, signaling a fresh creative direction as it moves into this new era under Prada Group’s ownership. Known for his avant-garde approach and keen eye for cultural nuance, Vitale’s vision is expected to bring a refined edge to Versace’s signature boldness.
While Donatella remains closely tied to the brand in her new role, her transition out of the creative seat represents a symbolic passing of the torch – ushering in a moment of reinvention for the label that helped define Italian glamour for decades.
As the industry braces for the ripple effects of this landmark acquisition, one thing is certain: this Prada and Versace meet-up is sure to be a fashion fusion of epic proportions. Watch this space.
Photography courtesy Versace.
