The fashion world is going through changes.
Approximately one month after Donatella Versace, who assumed the position of creative director following her brother Gianni Versace’s assassination in 1997, stepped down, Prada acquired the renowned fashion brand for an impressive $1.4 billion.
I’m thrilled to share some exciting news as a dedicated follower! The esteemed Prada Group, encompassing Prada, Miu Miu, and other subsidiaries in the food and fashion sectors, recently announced a significant acquisition. In a statement issued on April 10th, they revealed that Versace – recognized for its iconic style – will serve as a strikingly complementary addition to their existing collection.
Prada, led by Miuccia Prada, the daughter of founder Mario Prada, pointed out that Versace presents an opportunity to explore new areas of expansion and growth for the brand that were not previously explored.
In their statement, Versace will keep its unique design identity and cultural originality. At the same time, they’ll tap into the powerful resources of the Group, such as manufacturing abilities, retail performance, and operational knowledge.
During Donatella’s tenure as creative director, the Versace brand was acquired by Capri Holdings (the parent company of Jimmy Choo and Michael Kors) back in 2018 for a sum of $2 billion. Over the years, Donatella has kept a strong connection with Miuccia within the fashion world.
Upon hearing the exciting news about the sale, I couldn’t help but share my enthusiasm. I posted a picture with Miuccia and took a moment to praise the brilliant mind and her remarkable partner, Patrizio Bertelli.
She expressed great joy on April 10 through an Instagram post, stating that she was thrilled for Versace to join the Prada clan. For a long time, Gianni and I have held deep respect and admiration for Miuccia, Patrizio, and their family. I feel privileged to have the brand under the care of such a reliable Italian family enterprise, and I stand ready to assist in any capacity during this new phase for the brand.
During a challenging period for luxury retail, fashion experts are describing the sale as “daring.
Speaking about the sale, Robert Burke, founder of his self-named retail consulting firm based in New York, stated to the New York Times that “This acquisition will allow Prada to broaden their product range and compete more effectively on a global scale.
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2025-04-10 18:50