MILAN — The Prada Group announced Tuesday that it has officially bought Versace, its fashion rival, in a deal worth nearly $1.4 billion.
The transaction was closed after six months as the Prada Group awaited regulatory approval.
“We’re ready for this journey,” Prada Group chief executive officer Andrea Guerra told investors on a call that followed Prada’s acquisition announcement in April. Prada heir Lorenzo Bertelli, the company’s head of corporate responsibility, will become the executive chair of the house.
The Prada Group now officially controls the Versace brand, as the closing of the acquisition was reported on Tuesday. The date, Dec. 2, coincides with the birthday of the late Gianni Versace. https://t.co/AOCBLApe2H
— WWD (@wwd) December 2, 2025
Versace has been working on a creative relaunch under new designer Dario Vitale, who previewed his first collection during Milan Fashion Week in September.
Capri Holdings, which owns Michael Kors and Jimmy Choo, paid $2 billion for Versace in 2018.
Versace’s brand revenues declined 15% to $193 million in fiscal 2025, Capri Holdings reported. The label has posted quarterly revenue and profit losses since the third quarter of 2024. Capri Holdings listed the brand for sale in February after a Capri-Tapestry merger was blocked by the U.S. Federal Trade Commission.
“It’s clear that Versace will now have the opportunity to fully step into our world of industrial production,” Bertelli told Vogue Business during a recent visit to Prada Group’s Academy for artisans, Scandicci. “This means not only accessing a more structured and sophisticated manufacturing ecosystem, but also benefiting from processes, expertise and capabilities that can elevate the brand’s craftsmanship and operational strength.”
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