Prada Group, an Italian fashion pillar announced on Thursday to be Versace’s new owner. The Italian luxury fashion house took over Versace from Capri holdings – a multinational fashion holding company, incorporated in the British Virgin Islands, founded by Michael Kors and a parent of Jimmy Choo. The deal was concluded with a tentative €1.25 billions while the final cash payment is pending approval.
“We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftsmanship and heritage,” said Patrizio Bertelli, Prada Group chairman and executive director, “We aim to continue Versace’s legacy, celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships. Our organization is ready and well positioned to write a new page in Versace’s history, drawing on the Group’s values while continuing to execute with confidence and rigorous focus.”
“The acquisition of Versace marks another step in the evolutionary journey of our Group, adding a new dimension, different and complementary,” said Andrea Guerra, Prada Group CEO,. “The Group’s infrastructure is strong, we have verticalized our brands’ organizations and reinforced our routines and processes. We feel ready to open this new chapter. […] Notwithstanding the sector uncertainties, we look at the future with confidence, focused on a long-term strategic vision.”
It’s reported Capri holding had a failed $8.5 million dollar merger with coach and that the multinational fashion holding has been struggling financially with double digit decline in revenue since 2024. In order for the holding to re-establish itself again, it put Versace on market for sale along with Jimmy Choo.
In March 2025 Donatella Versace was announced to step down as Versace’s creative director into a new brand ambassador role with the Versace brand. Although the Italian fashion house is going through changes but with Prada stepping in as the new owner has promised to keep the brand’s aesthetics, DNA and authenticity.
