This deal is all buttoned up. Prada on Thursday announced it was buying Versace for €1.25 billion — or about $1.39 billion — in a deal that combines two of the biggest brands in luxury fashion.
Prada acquired the 47-year-old fashion powerhouse from Capri Holdings, the New York-based firm formerly known as Michael Kors Holdings. Capri Holdings bought Versace for $2.15 billion in 2018, but has been on uneasy financial footing in recent years, posting a $547 million loss in 2024.
“We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic,” Prada chairman Patrizio Bertelli said in a statement. “At the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships.”
Prior to Capri Holdings acquiring Versace, the Italian fashion house was owned by the Versace family and Blackstone. The Prada-Versace combination now pairs two of the top names in Italian fashion against several high-end French brands, including Dior and Louis Vuitton.
The overarching Prada Group will add Versace to its fold alongside Miu Miu and Luna Rossa, as well as footwear companies Car Shoe and Church’s, per The New York Times.
Prada’s acquisition stands out, not only because of the weight of Versace’s name in pop culture, but also because the company has largely avoided deals this century. The company bought Helmut Lang and Jil Sander in the ’90s, but those were dubbed “strategic mistakes” by Bertelli, CNN reported.
Shares of Prada, which is publicly traded on the Hong Kong Stock Exchange, increased 4.93% on Thursday. The company’s share price is down nearly 24% on the year, following Thursday’s move upward.
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