Milan: On Thursday, Prada announced that it has finalized an agreement to acquire 100% of Versace from Capri Holdings. The cash transaction, based on an Enterprise Value of €1.25 billion, will be subject to adjustments at the time of closing.
Established in 1978 in Milan, Versace is a prominent international fashion house and a symbol of Italian luxury on a global scale. With its strong brand recognition, Versace is a unique asset within the luxury sector. The brand is deeply embedded in fashion history and possesses significant potential to resonate with contemporary trends while capturing the essence of modern and future societies.
Versace's distinctive aesthetic makes it a valuable addition to the Prada Group’s portfolio, offering considerable growth opportunities through various avenues for value creation.
Under the Prada Group umbrella, Versace will retain its creative identity and cultural integrity, while also benefiting from the Group’s robust platform, which includes industrial capabilities, retail execution, and operational expertise.
Patrizio Bertelli, Chairman and Executive Director of the Prada Group, stated: “We are thrilled to welcome Versace into the Prada Group and to embark on a new chapter for a brand that shares our dedication to creativity, craftsmanship, and heritage. Our goal is to honor Versace’s legacy by celebrating and reinterpreting its bold and timeless style, while also providing a strong foundation supported by years of investment and established relationships. Our organization is prepared and well-equipped to write a new chapter in Versace’s story, leveraging the Group’s values while maintaining a confident and focused execution.”
Andrea Guerra, Group Chief Executive Officer, stated, “The acquisition of Versace represents a significant milestone in our Group's evolution, introducing a new and complementary dimension. Our Group's infrastructure is robust; we have streamlined our brand organizations and strengthened our routines and processes. We are prepared to embark on this new chapter. Versace holds immense potential. The path ahead will be lengthy and will demand disciplined execution and patience. Brand evolution requires time and unwavering focus. I would like to express my gratitude to Capri Holdings for preserving and enhancing the legacy of this remarkable brand. Despite uncertainties in the sector, we approach the future with confidence, maintaining a focus on our long-term strategic vision.”
