Prada has completed its $1.4 billion takeover of Italian rival Versace, cementing one of the biggest shake-ups in the luxury sector this year.
The deal, finalised Tuesday, follows an April agreement to purchase Versace from Capri Holdings after Capri’s planned sale to Tapestry collapsed under antitrust scrutiny. The move brings the Milan-founded label, known for its bold and glamorous style, into a portfolio that includes Prada’s flagship brand and Miu Miu.
Donatella Versace marked the milestone with an emotional note on Instagram, writing: “Today is your day and the day Versace joins the Prada family… I miss you, always,” in reference to her late brother and founder Gianni Versace, who was killed in 1997.
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Lorenzo Bertelli, who will become executive chairman of Versace after integration, said the acquisition had been years in the making. “There had already been contacts during the COVID period… When that Tapestry deal fell through, we came back and tried to speed things up,” he told Reuters.
Bertelli said Versace offered strong global recognition without excessive financial risk. Donatella Versace stepped down as creative chief in March, weeks before the deal was announced.