The son of Miucci Prada announced the imminent completion of the deal with Versace

The son of designer Miucci Prada, 37-year-old Lorenzo Bertelli, announced that he will soon become executive president of the Versace fashion house after the takeover of the fashion house by the Prada group is completed.

"We are close to finalizing the Versace deal, and I will be the executive president," Bertelli said on a November 19 Bloomberg podcast.

Bertelli is currently Prada's Director of Marketing and Head of Corporate Social Responsibility. He talks about buying Versace as Prada's "strategic decision."

"When we ask about Versace's global reach, he is always among the top five most famous names that come to mind around the world. The brand is significantly larger than its current turnover. We are ready for difficult tasks, for example, to try to restore the business to its former greatness," Bertelli said.

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In April, the Italian fashion house Prada began acquiring the Versace brand from the American luxury brand manufacturer Capri Holdings Ltd. for $1.4 billion. The agreement was reached despite the instability in global markets caused by the tariff policy of US President Donald Trump. It was noted that the largest purchase in Prada's 112-year history returns Versace to Italian ownership and may strengthen Prada's position in competition with major luxury segment players LVMH and Kering SA.

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