Prada has announced that it has entered into a definitive agreement to acquire 100 percent of Versace from Capri Holdings.
Founded in 1978 in Milan, Versace is one of the leading international fashion design houses and the epitome of Italian luxury worldwide. Building on a remarkable brand awareness, Versace is a distinctive asset in the luxury landscape.
Deeply rooted in fashion history, the brand displays strong potential to read contemporaneity and marked sensibility in capturing and anticipating the spirit of today’s and future society.
With its highly recognisable aesthetic, the brand constitutes a strongly complementary addition to the Prada Group’s portfolio and displays significant untapped growth potential, leveraging multiple value creation levers.
“Over the last six years, we have made tremendous progress in repositioning the brand to place greater emphasis on its luxury heritage and exceptional craftsmanship. Through elevated product, marketing and store enhancements, the brand is now well positioned for sustainable long-term growth. We are confident that Prada Group is the perfect company to further guide Versace into its next era of growth and success,” said John D. Idol, Capri Holdings Chairman and Chief Executive Officer.
“This transaction reflects our commitment to increase shareholder value, strengthen our balance sheet and power the future growth of Michael Kors and Jimmy Choo. We will continue to execute on the strategic initiatives shared at our recent Investor Day and remain confident in the long-term growth potential of Michael Kors and Jimmy Choo.”
Within the Prada Group, Versace will maintain its creative DNA and cultural authenticity while benefiting from the full strength of the Group’s consolidated platform, including industrial capabilities, retail execution, and operational expertise.
“We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftmanship and heritage,” said Patrizio Bertelli, Prada Group Chairman and Executive Director.
“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.”
Andrea Guerra, Group Chief Executive Officer, added that the acquisition of Versace marked another step in the group's evolutionary journey, adding a new dimension, different and complementary.
“The Group’s infrastructure is strong; we have verticalised our brands’ organisations and reinforced our routines and processes. We feel ready to open this new chapter. Versace has huge potential. The journey will be long and will require disciplined execution and patience. The evolution of a brand always needs time and constant focus.”
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