MILAN, April 17 – Italian luxury group Prada S.p.A. (1913.HK) has entered into a definitive agreement to acquire 100% of fashion house Versace from U.S.-listed Capri Holdings (CPRI.N), in a deal valued at €1.25 billion ($1.39 billion), the companies said on Wednesday. The cash transaction, based on enterprise value, is subject to customary closing adjustments, Prada said in a statement.
Founded in 1978 in Milan, Versace is widely recognized as one of Italy’s most iconic luxury brands. Known for its bold aesthetic and strong cultural identity, the label is expected to complement Prada’s existing brand portfolio while offering untapped growth opportunities across multiple channels.
“Versace will maintain its creative DNA and cultural authenticity while benefitting from the strength of the Prada Group’s industrial, retail and operational platforms,” the statement said. Prada Group Chairman and Executive Director Patrizio Bertelli said the acquisition marks a new chapter for the group. “We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic, while providing it with a strong platform reinforced by years of investments and relationships,” he said.
Andrea Guerra, Prada’s Group CEO, added that the acquisition is a strategic step toward further diversification. “Versace has huge potential. The journey will be long and will require disciplined execution and patience,” he said, noting that the brand evolution would be guided by a long-term vision.
The deal marks a significant shift in the luxury sector landscape and comes amid growing consolidation in the industry. Prada said it remains confident in its strategic direction despite broader sector uncertainties.
Capri Holdings acquired Versace in 2018 for approximately $2.1 billion and had since worked to expand the brand’s global footprint. The sale to Prada represents a reshuffling of luxury assets as fashion conglomerates look to streamline and reinforce their brand architectures.
