April 10 (UPI) — The high-end Italian fashion house Prada announced Thursday it has purchased its rival Italian luxury fashion company Versace.
Prada paid $1.375 billion in cash for the acquisition that is “expected to close in the second half of calendar 2025, subject to customary closing conditions including regulatory approvals.,” said Capri Holdings, the now-former owner of Versace, in a press release.
In a released statement, Prada noted that Versace “constitutes a strongly complementary addition to the Prada Group’s portfolio and displays significant untapped growth potential leveraging multiple value creation levers.”
Prada also explained that Versace will continue to exist as an entity, as “within the Prada Group, Versace will maintain its creative DNA and cultural authenticity, while benefitting from the full strength of the Group’s consolidated platform, including industrial capabilities, retail execution and operational expertise.”
“We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic,” while at the same time, “we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships,” Prada Group Chairman and Executive Director Patrizio Bertelli said.
“We are confident that Prada Group is the perfect company to further guide Versace into its next era of growth and success,” Capri Holdings Chairperson and CEO John Idol said
