In a one-line statement, Prada has notified the successful completion of the acquisition of Versace from Capri Holdings after having received all required regulatory clearances
In a major development, the Prada Group has closed the purchase of Milan fashion rival Versace in a USD 1.375 billion cash deal. This brings Versace under the same umbrella as Prada and Miu Miu and is likely to relaunch the brand’s fortunes.
In a one-line statement shared by the company, Prada stated, “Prada today announces the successful completion of the acquisition of Versace from Capri Holdings after having received all required regulatory clearances.”
Capri Holdings, which owns Michael Kors and Jimmy Choo, informed that it will use the money the pay down debt, as per the reports. Founded in 1978, Versace is internationally renowned for its bold and distinctive design language. Under Prada’s ownership, the brand will continue to uphold its creative and cultural identity while leveraging the Prada Group’s extensive industrial and retail infrastructure.
The acquisition forms part of Prada’s strategic objective to grow its luxury brand portfolio by acquiring complementary assets. The company’s leadership underscored that the integration of Versace will follow a disciplined, long-term approach aimed at sustainable brand evolution and market expansion. This move adds momentum to the ongoing wave of consolidation in the global luxury fashion industry and significantly strengthens Prada Group’s international market footprint.
