Prada completes takeover of fashion rival for £1.10 billion
Fashion giant Prada buys rival Versace in billion-pound deal
- Prada Group has finalised its €1.25bn (£1.10bn) acquisition of Milanese rival Versace, following all necessary regulatory clearances.
- The strategic move aims to revitalise Versace's fortunes after a period of lacklustre performance under Capri Holdings, with Prada highlighting its “significant untapped growth potential”.
- Lorenzo Bertelli, heir to the Prada empire, will assume the role of Versace's executive chairman, acknowledging the brand's market underperformance despite its global recognition.
- Versace, which contributed 20 per cent to Capri Holdings' 2024 revenue, is projected to account for 13 per cent of the Prada Group’s pro-forma revenues.
- A key element of the acquisition involves integrating Versace into Prada Group's esteemed Italian manufacturing system, supported by a €60m (£52m) investment in its supply chain this year.