Luxury fashion powerhouse Prada announces acquisition of Versace for a colossal €1.25 billion.
Italian fashion conglomerate Prada has announced the acquisition of its rival, Versace, for a staggering €1.25 billion. The deal, which is expected to close in the second half of 2025, subject to regulatory approvals, marks a significant move in the fashion industry. The acquisition, based on an enterprise value of €1.25 billion, will grant Prada a 100% stake in Versace from Capri Holdings. The all-cash transaction is subject to adjustments at closing. Prada's CEO, Patrizio Bertelli, made the announcement, stating that the acquisition aims to continue Versace's legacy and celebrate its bold and timeless aesthetics. Despite the major change, the acquisition does not specify any changes in the management of Versace. Donatella Versace, who took over the fashion house after Gianni's death in 1997, remains as the artistic director. The acquisition also does not disclose any changes in the brand's identity or aesthetic. Versace offers a wide range of products, including women's, men's, and children's clothing, shoes, bags, accessories, eyewear, watches, and fragrances. The fashion house operates 230 boutiques and 638 licensed shops worldwide. Prada has secured a long-term loan of €1 billion for the acquisition. The acquisition also aims to provide Versace with a strong platform built on years of investment and long-standing relationships. The finalization of the merger depends on regulatory approvals and the completion of the acquisition process following Prada's agreement to acquire Versace from Capri Holdings for $1.4 billion. Specific conditions such as antitrust clearance and agreement on terms between parties must be met, though exact detailed conditions were not explicitly stated in the available sources. Gianni Versace founded the fashion house in 1978, and it has since grown to become a global brand. As of the current acquisition, Versace operates globally. No further details about the terms of the deal were disclosed, but the acquisition does not provide information about any changes in the product offerings of Versace. The acquisition is a significant move in the fashion industry, and it will be interesting to see how it unfolds in the coming years.
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