US EditionPrada completes Versace takeover after long courtship
Prada finalized the €1.25 billion acquisition of Versace, appointing Lorenzo Bertelli as executive chairman to integrate and revive the brand within its luxury portfolio.
- On Dec 2, Prada Group completed its acquisition of Versace after years of pursuit, saying it 'was something that had been in the works for a long time.'
- Prada Group signed a definitive agreement in April to buy Versace for about 1.3 billion euros , with Lorenzo Bertelli saying, `There had already been contacts during the COVID period...`
- On the creative side, Versace's revenue fell by a quarter and Donatella Versace stepped down, with Dario Vitale debuting as creative director.
- Bertelli will assume executive chairman of Versace after integration, while Andrea Guerra, Prada's chief executive, said they will preserve Versace's `DNA` and leverage Prada's strengths, taking time to evaluate Versace and prioritising stability and staff care.
- In recent years Prada Group has professionalised operations, and the acquisition will test its platform and governance, while analysts warn the next 12 months will be rough despite Prada-Bertelli family owning 80 percent.
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195 Articles
Prada acquires Versace in $1.4 billion deal
(NBC, KYMA) - Two Italian fashion powerhouses are joining forces as Prada acquired Versace in an historic deal worth nearly $1.4 billion. The fashion giants will now work together, with Versace joining Prada's manufacturing system. The deal was made in an effort to relaunch Versace's fortunes after post-COVID-19 pandemic struggles. Prada executives don't expect any immediate leadership changes for Versace. The post Prada acquires Versace in $1.4…
Prada buys Versace amid luxury downturn
Fashion giant Prada bought its rival Versace at a knockdown price, bringing two of Italy’s biggest luxury fashion brands under one roof. The $1.38 billion deal represents a nearly $700 million loss for Versace’s parent company, which bought the designer in 2018, but is struggling with debt and is offloading other brands. Donatella Versace stepped down in March, nearly 30 years after taking over the company following the murder of her brother Gia…
The previous owner of Versace sold the company at a loss, but Prada sees great opportunity in the jellyfish brand.
PBS NewsHour
UpstractMinimalist Prada buys maximalist Milan rival Versace for $1.4 billion
The highly anticipated deal is expected to relaunch Versace’s fortunes, after middling post-pandemic performance as part of the U.S. luxury group Capri Holdings.
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