Prada finalises its 1.25bn-euro Versace takeover after securing all approvals, marking a major shift in the global fashion landscape
Italian luxury giant Prada Group on Tuesday announced the completion of its acquisition of Versace, confirming it had secured all required regulatory clearances for the 1.25 billion-euro deal first revealed earlier this year.
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The transaction was concluded with Capri Holdings, the United States group that previously owned the iconic fashion house.
Prada Group said in a statement that Lorenzo Bertelli, son of designer Miuccia Prada and the company’s chief marketing officer, will take over as executive chairman of Versace.
The move signals a new era for the label as it enters the portfolio of one of the industry’s strongest performers.
Versace has struggled to maintain its shine in recent years, while the Prada Group continues to post robust results.
Much of that momentum comes from strong global demand for its younger Miu Miu line, which has driven growth across key markets.
Prada Chief Executive Andrea Guerra told journalists during a factory visit that Versace stands apart within the group’s portfolio.
He described the brand as “extraordinarily different,” adding that it helped shape modern fashion by bringing it closer to popular culture.
He said this gives Versace a distinct aesthetic and a separate consumer base.
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The acquisition marks one of the fashion industry’s most influential moves in recent years, strengthening Prada’s position in the global luxury market.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
