Luxury fashion conglomerate Prada Group has announced a definitive agreement to acquire iconic Italian brand Versace from Capri Holdings in a significant transaction valued at €1.25 billion ($1.38 billion). The deal was officially confirmed on Thursday.
This acquisition comes at a critical juncture for Versace, which has reportedly faced recent financial headwinds, including experiencing a loss in the preceding fiscal year. Recognizing the brand’s enduring potential, Prada Group has committed to investing an additional €250 million to support a comprehensive relaunch of the Versace brand. This strategic investment signals Prada’s confidence in revitalizing Versace and leveraging its strong heritage within the luxury market.
The acquisition marks a notable shift in the luxury fashion landscape and underscores Prada Group’s ambition for strategic expansion and brand portfolio diversification. The planned investment for Versace’s relaunch will likely focus on strengthening its product offerings, enhancing its brand image, and optimizing its distribution channels to regain market momentum and achieve sustainable growth under the new ownership.
