Versace acquired by Prada
Prada has announced that it has acquired Versace.
With this $138 billion deal, these two major Italian brands are now under one umbrella.
Capri Holdings purchased Versace for $2 billion in 2018, and now Prada has acquired the brand for a considerably lower cost.
This acquisition expands Prada’s product range at a time when the company is aiming to compete with other brands, one of which is the French company LVMH, which owns Louis Vuitton, Dior, and Fendi.
The renowned Italian designer Donatella Versace stepped down from her role as the brand’s creative director in March after 27 years with the fashion house.
Versace is known for its captivating designs and its iconic logo featuring the head of Medusa.
Ms. Versace took over management of the company in 1997 after her brother Gianni was killed.
Dario Vitale, who was previously the design director at Miu Miu, Prada’s youth-oriented luxury brand, has been appointed in her place.