Prada Buys Versace in £1.1 Billion Fashion Power Move
In a bold shakeup of the fashion world, Prada has officially snapped up iconic Italian fashion house Versace in a deal worth €1.25 billion (£1.1 billion). The move sees the brand, famous for its flashy prints and daring designs, leave U.S. ownership and return to Italian hands under the Prada Group’s growing luxury umbrella.
Announced on Thursday, the deal will see Prada take full control of Versace from U.S.-based Capri Holdings, the company that also owns Michael Kors and Jimmy Choo. The transaction is set to finalise in the second half of the year and will be backed by €1.5 billion in new debt, according to NBC News.
Prada said the acquisition is a perfect fit, describing Versace’s bold style as a “highly recognisable aesthetic” and a strong complement to its current brands, which include Prada and Miu Miu. It also believes the Milan-based label has “significant untapped growth potential”.
Importantly for fashion purists, Prada assured that Versace will “maintain its creative DNA and cultural authenticity” while gaining the backing of the Prada Group’s powerhouse resources — including manufacturing, retail strategy, and operations.
Versace has been owned by Capri Holdings since 2018, when it was bought for $2 billion. But despite its legendary status, the brand has struggled to keep pace in the age of ‘quiet luxury’, where more understated fashion has dominated runways and red carpets. Known for bold patterns, bright colours, and body-hugging silhouettes, Versace has had a tough time adapting to the industry’s recent shift in tone.
Just last month, Donatella Versace stepped down as creative director, a role she took on after the tragic murder of her brother, Gianni, in 1997. She’s now been appointed as the brand’s chief ambassador — a move many saw as a sign the Prada takeover was on the horizon.
Her replacement? Dario Vitale is a rising star in fashion who came from the hugely successful Miu Miu – Prada’s youth-focused label. The leadership change at Versace only fuelled speculation that the brand was being prepped for sale, and those rumours have now become a reality.
Speaking earlier this year during Milan Fashion Week, Miuccia Prada had hinted at the company’s interest in Versace, and it seems those quiet discussions were already well underway.
With this blockbuster deal now confirmed, all eyes will be on how Prada revives the Versace legacy – and whether it can breathe new life into the flamboyant fashion house without losing what made it iconic in the first place.
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