Versace Returns to Italian Hands as Prada Ushers in a New Era
After months of speculation, Prada has officially confirmed the acquisition of 100% of Versace from Capri Holdings for €1.25 billion.
On Thursday—the final day of Prada’s exclusive negotiations with Capri Holdings—the Hong Kong-listed Italian luxury powerhouse announced the agreement, noting that the deal remains subject to closing adjustments.
“We are pleased to welcome Versace to the Prada Group and to open a new chapter for a brand with which we share a strong commitment to creativity, craftsmanship, and tradition,” said Patrizio Bertelli, Chairman and CEO of Prada Group. “Our goal is to carry forward Versace’s legacy—celebrating and reinterpreting its bold, timeless aesthetic—while providing it with a solid platform built on years of continuous investment and enduring relationships. Our organization is fully prepared and well-positioned to write a new page in Versace’s history, guided by our values and working with confidence and precision.”
Just last week, rumors circulated that Prada was prepared to pay up to €1.5 billion for Versace and Jimmy Choo combined. Back in March, Donatella Versace was named the brand’s principal ambassador, a symbolic role honoring her nearly three-decade leadership since the passing of her brother, Gianni Versace.
However, on April 1st, she was officially succeeded by Dario Vitale, a Miu Miu alum, who has been appointed as Versace’s new Creative Director.
In 2018, Donatella struck a $2.1 billion deal to sell the family-owned business to Michael Kors Holdings, which later rebranded as Capri Holdings. Sources close to the matter revealed that Prada had entered into exclusive due diligence with Capri to acquire both Jimmy Choo and Versace. Industry insiders suggest that Prada may resell Jimmy Choo to another buyer, narrowing its focus solely on Versace. Neither Capri nor Prada have commented on that possibility.
According to insiders following the negotiations, Prada was among the first to place a bid after Capri Holdings tapped Barclays to lead the sale of its fashion brands. By February, Prada had moved ahead, entering into exclusive talks with Capri Holdings.
