Following several months of rumors and private discussions, it’s now confirmed that the Prada Group has bought Versace from Capri Holdings for €1.25 billion. This high-end luxury group will add Versace to its collection of premium brands, which already includes Prada and Miu Miu. The announcement arrives shortly after Donatella Versace, former artistic director and a family member, stepped down from her role, with the house subsequently hiring Dario Vitale who previously worked for 14 years at the Prada Group.
2024 proved to be a challenging year for the luxury fashion industry, with spending and consumer confidence dwindling significantly. Amidst this tumultuous period, I found myself closely following Prada Group’s journey. Despite the industry-wide struggles, Prada Group managed to shine, reporting an impressive 18% year-over-year sales growth across all its brands. Even as Versace faced a 15% decline in sales during the final quarter, Prada Group stood tall and resilient.
In a recent announcement, the company stated that Versace, despite having a distinctly different style compared to Prada, offers a highly complementary addition to Prada’s collection due to its untapped growth potential. As Prada has evolved into a more refined and subtle aesthetic under the guidance of Miuccia Prada and Raf Simons, Versace has preserved its maximalist, opulent style as envisioned by its founder, Gianni Versace, and his sister during their leadership. The company further explained that within the Prada Group, Versace will retain its unique creative identity and cultural authenticity while enjoying the full benefits of the group’s robust infrastructure, including manufacturing capabilities, retail execution, and operational expertise.
It came as a shock in January when Italian newspaper Il Sole 24 Ore disclosed a possible takeover of Versace by Prada Group. In February, it was made official that Prada Group was examining Versace thoroughly and mulling over a bid for the label. Later on in March, Business of Fashion stated that Prada had consented to a price close to €1.5 billion EUR ($1.6 billion USD). Now that the deal is finalized, it’s yet to be determined how successfully Versace will assimilate within the tightly-knit Prada family.
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2025-04-10 17:55