Italian luxury powerhouse Prada Group has officially concluded its acquisition of high-end fashion label Versace, sealing a deal valued at €1.25 billion (approximately $1.45 billion).
The takeover, agreed earlier in the year, received all necessary regulatory approvals before being finalised on Tuesday.
The purchase transfers control of Versace from Capri Holdings, its former US-based parent company, to one of Europe’s most influential fashion groups.
Following the acquisition, Lorenzo Bertelli—son of designer Miuccia Prada and currently Prada’s Chief Marketing Officer—has been appointed Executive Chairman of Versace.
His new role marks a significant step in Prada’s long-term strategy to expand and diversify its luxury portfolio.
Despite Versace’s iconic status, industry analysts note that the brand has struggled to maintain momentum in recent years.
Prada, meanwhile, has seen strong performance, driven particularly by rising global demand for its youthful Miu Miu line.
Speaking during a factory tour, Prada Group CEO Andrea Guerra described Versace as a unique addition to the company’s growing family of brands.
“Versace is dramatically different from the rest of our portfolio,” Guerra said, praising the label for its historic influence on contemporary fashion and its deep ties to pop culture.
He added that the brand’s bold aesthetic gives it a distinct appeal and positions it to reach a different segment of global luxury consumers.
The acquisition is expected to strengthen Prada’s competitive position in the global luxury market, while offering Versace renewed direction and leadership under its new ownership.