In some major news from the fashion world, Prada Group has acquired Versace for €1.25 billion (approximately AUD$2.26 billion)—solidifying a merger of minds and aesthetics that, while unexpected, will no doubt mark a historic moment for the industry. As announced today, the acquisition unites two of Italy’s most emblematic fashion houses, bringing together the cerebral precision of Prada and the unapologetic glamour of Versace.
Though worlds apart in visual vernacular—one favours intellectual minimalism, the other, maximalist hedonism—the pairing reflects the duality of Italian fashion heritage. The Prada Group, already home to Prada, Miu Miu, and Luna Rossa, is now poised to usher in a new chapter with a brand that speaks to rampant sex appeal, spectacle, and subversion.
For Versace, the acquisition marks a return to Italian hands after five years under the American umbrella of Capri Holdings, alongside Michael Kors and Jimmy Choo.
Having stepped down as the House’s creative matriarch in March, Donatella Versace bowed out after nearly three decades at the helm, passing the baton to Dario Vitale—the first non-family designer to take the reins. Her blessing of the acquisition was shared.
“I am absolutely delighted for Versace to become part of the Prada family,” she wrote via Instagram. “Gianni and I have always had immense admiration for Miuccia, Patrizio and their family. I’m honoured to see the brand in such trusted Italian hands.”
“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, craftmanship and heritage,” wrote Patrizio Bertelli, Prada Group Chairman and Executive Director, in a statement. “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.”
The Prada Group has confirmed that Versace will retain creative autonomy, suggesting a delicate balancing act between independence and alignment. Could a collaboration be in the cards? Only time will tell.
This story first appeared on GRAZIA International.
READ MORE
Bag of the Week: Prada Buckle Bucket Bag
Donatella Versace Steps Down: The End of an Era & Her Most Iconic Fashion Moments
Major Moves: Loewe Appoints Former Proenza Schouler Designers As Creative Directors