The fashion house Versace now belongs completely Prada, another big name in the fashion world from Italy. The Prada Group announced this in Milan. In recent years, Versace – named after the company’s founder, who was murdered in 1997 Gianni Versace – under the umbrella of the company Capri Holdings from the USA. These shares have now been completely taken over, says Prada. All approvals from the authorities responsible for controlling competition have been granted.
The EU Commission in Brussels had already approved this in September. In addition to the world-famous brand under its own name, Prada also includes other luxury manufacturers such as Miu Miu and Church’s.
Purchase price of 1.25 billion euros
The purchase price for Versace’s Italian competition was previously stated as 1.25 billion euros. There was speculation about the takeover for a long time until Prada made the plans official in the spring. Recently there were still a few obstacles, including the US President’s punitive tariffs Donald Trump belonged, which also hit Italy.
The purchase price for the company, which was founded in 1978, is lower than the sum of 1.5 billion euros that was originally discussed. Prada has been around since 1913. Capri Holdings also has brands like Michael Kors and Jimmy Choo in the portfolio.
Both Prada and Versace are among the big names in Italian fashion. Company founder Gianni Versace was murdered in the USA in 1997. In the spring his sister had Donatella Versace (70) vacated her position as creative director after almost three decades. Since April 1st, she has only been the chief brand ambassador. The new creative director of the luxury brand is Dario Vitalewho previously worked for Miu Miu.