Prada signs deal to buy Versace for $1.4 billion

The Prada Group of companies has announced the purchase of the Versace fashion house from the American luxury clothing brand manufacturer Capri Holdings Ltd. The deal amounted to €1.25 billion ($1.4 billion). This was announced on April 10 on the official website of the Prada Group.

The agreement was reached despite the instability in global markets caused by the tariff policy of US President Donald Trump.

It is specified that the deal will be closed during the second half of 2025. This purchase, the largest in Prada's 112-year history, returns Versace to Italian ownership and could strengthen Prada's position in competition with major luxury players such as LVMH and Kering SA. The deal also gives Versace the chance to reboot, which Capri was unable to provide.

Prada Group CEO Andrea Guerra noted that the acquisition will add "a new dimension, distinct and complementary" to the company.

"Versace has huge potential <...> Despite the uncertainty of the sector, we look to the future with confidence, focusing on a long—term strategic vision," he said in a press release.

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Earlier, on March 13, it became known that Italian fashion designer Donatella Versace left the post of creative director of the Versace fashion house, where she worked for almost 30 years. This post was taken by Dario Vitale.