Prada completes acquisition of Versace
1.3 billion agreement to take over the Gianni, Donatella and Santo brand from Capri Holdings. Lorenzo Bertelli will be the new executive chairman
Prada completes the acquisition of Versace from Capri Holdings, after obtaining all required regulatory approvals. This was announced by the Italian group in a short note.
The deal had been disclosed in April, when Prada had signed an agreement to take over the Medusa brand for around EUR 1.3 billion (USD 1.51 billion) from the US group Capri, which had previously attempted a merger with Tapestry, which was, however, cancelled by the US antitrust authorities.
It is worth mentioning that recently Lorenzo Bertelli, son of the group's patrons Miuccia Prada and Patrizio Bertelli, declared that he would become executive chairman of Versace after the deal closed.
Since last March, the designer at the head of the company founded in 1978 by Gianni Versace has been Dario Vitale, previously creative director of Miu Miu. Donatella Versace, who instead directed the house's style for thirty years, has become the brand's ambassador.
