Prada Buys Versace For Billions In A Game-Changing Fashion Deal

IN ONE OF THE BIGGEST shake-ups in the Italian fashion world Prada has officially acquired Versace. Yes, you read that right — Miuccia’s house of cerebral cool has taken ownership of Donatella’s temple of high-octane glamour in a deal reportedly valued at €1.25 billion.

For context: Versace, founded by Gianni Versace in 1978 — and the go-to for those who love their fashion loud and proud — was scooped up by Michael Kors’ parent company, Capri Holdings, in 2018. And while archival gold Medusa buttons and baroque bombshell dresses will always have their place, aligning Versace’s audacious designs with the recent ‘quiet luxury’ trend was never going to be an easy feat.

Prada Group clearly sees potential in that push-pull. It’s a strategic move to blend Versace’s daring aesthetics with Prada’s chic vibe. With Versace now under Prada’s wing, the deal signals a consolidation of power and taste. As WWD reported, Prada Group CEO Andrea Guerra described the acquisition as a long-term strategy:

“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. Our organisation 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.”

Related: End of an era: Donatella leaves Versace as Dario Vitale steps up

Donatella herself seems more than at peace with the changing of the guard. Taking to Instagram, she wrote: “Gianni and I have always had a huge admiration for Miuccia, Patrizio and their family. I am honoured to have the brand in the hands of such a trusted Italian family business, and I am ready to support this new era for the brand in any way I can.”

There are already signs of evolution. Donatella recently stepped back from the creative helm, naming Miu Miu’s Dario Vitale as her successor. She’ll stay on as chief brand ambassador.

So what happens when intellectual minimalism meets maximalist sensuality? Best-case scenario: fashion fireworks. Worst-case? At least it’ll be beautifully dressed. Either way, this marks the start of a new Italian renaissance — and we’re all front row.

Related: A guide to the reshuffle of creative directors in luxury fashion