After months of rumours, Prada confirms that it is acquiring Versace from Capri Holdings. The luxury brand will retain its creative identity, its new owner promises.
Broader base
Prada Group is paying 1.25 billion euros for the full 100 % of Versace shares, far less than the 1.8 billion Capri Holdings paid for the luxury brand in 2018. With the acquisition, Prada wants to appeal to a broader customer base, especially in the United States and among younger consumers. Versace’s flamboyant is quite complementary to Prada’s rather sleek designs.
The luxury brand will therefore be allowed to retain its creative DNA and identity, Prada CEO Patrizio Bertelli promises. The new owner expects to complete the acquisition in the second half of this year.
