Prada Buys Versace 🤩: Power Shift! 💥

World News

Prada announced on Tuesday the acquisition of Versace, uniting the two prominent Italian luxury fashion houses under a single ownership. The deal, valued at $1.38 billion, expands Prada’s portfolio of designer brands, which already includes Miu Miu, as the company seeks to strengthen its competitive position against luxury conglomerates such as LVMH, owner of Dior, Fendi, and Louis Vuitton. Proceeds from the sale will assist Capri Holdings in reducing its debt, the former parent company of Versace, as stated in the firm’s announcement. Donatella Versace stepped down as the brand’s creative chief in March, concluding a 27-year tenure with the company, which is renowned for its glamorous designs and the iconic Medusa head logo. She assumed leadership of Versace in 1997 following the tragic death of her brother, Gianni. Dario Vitale, previously a design director for Prada’s Miu Miu brand, has been appointed to replace her. Prada confirmed the successful completion of the acquisition on Tuesday, noting receipt of all necessary regulatory approvals.