Prada has completed the purchase of Versace, creating an industry titan comprised of two of the fashion world’s best-known brands. The deal, worth $1.4 billion, was closed Tuesday after having first been reported in April and will see Versace join a stable that already includes Miu Miu. Versace struggled after the pandemic, with results in its aftermath middling under U.S. luxury group Capri Holdings, which bought it for $2 billion in 2018. Prada chairman Patrizio Bertelli, son of co-creative director Miuccia, said the executive landscape at Versace would remain settled for now. It comes months after Prada CEO Andrea Guerra said, “Versace has huge potential. The journey will be long and will require disciplined execution and patience.” Former Miu Miu head of design Dario Vitale has been orchestrating a creative relaunch since taking the reins at Versace, in a move unrelated to the purchase. Prada’s new purchase significantly strengthens Italy’s position in a fashion landscape dominated by French giant LVMH, which owns Louis Vuitton.
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