Despite recent chatter of such an agreement possibly being on the chopping block, Prada will indeed be acquiring Versace. The deal, as first reported by the Wall Street Journal on Thursday, is worth $1.4 billion.
That figure was confirmed in a press release from Prada Group announcing it had entered into a definitive agreement to acquire 100 percent of Versace from Capri Holdings.
In a statement, Patrizio Bertelli, Prada Group chairman and executive director, looked forward to building “a new chapter for the brand” made possible by a shared commitment to “creativity, craftsmanship, and heritage.” Per Bertelli, this means the Versace legacy will continued to be celebrated, all while working to ensure its relevance amid the fashion landscape of today.
“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,” Bertelli said. “Our organization is ready and well positioned to write a new page in Versace’s history, drawing on the Group’s values while continuing to execute with confidence and rigorous focus.”
In Thursday’s press notes, Prada Group reps said the Versace label would “maintain its creative DNA” under the new deal, which is expected to close later this year.
Complex has reached out to Prada Group reps for additional comment on the Versace deal. This story may be updated. Speculation about the deal has persisted since the top of the year, with recent tariff concerns leading to now-quelled discussions of whether the agreement would be tabled as a result.
Prada Group’s brand portfolio already includes Miu Miu, Church’s, Car Shoe, Marchesi 1824, Luna Rossa, and, of course, Prada.