Italian luxury fashion house Prada has completed its acquisition of the Versace brand, with the deal valued at approximately $1.4 billion. The transaction was confirmed in April, when Prada announced it had purchased Versace from Capri Holdings Ltd., the former owner of the Italian fashion house, for around $1.375 billion.
The acquisition marks a significant move in the high-end fashion industry, expanding Prada’s portfolio and consolidating its presence in the luxury market. Prada’s leadership expressed enthusiasm about integrating Versace’s distinctive style and global brand recognition into their existing operations.
Lorenzo Bertelli, the son of Prada owners Miuccia Prada and Patrizio Bertelli, is among those involved in the business. The deal is seen as a strategic effort by Prada to strengthen its competitive position amid a rapidly evolving luxury landscape and increasing demand for iconic fashion brands. The financial details of the agreement indicate a major investment by Prada in its future growth and market expansion.