Prada Group Acquires Versace in €1.25 Billion Deal

The Prada Group has purchased the iconic fashion house Versace from Capri Holding for €1.25 billion. Versace, known for its bold designs, has faced challenges amid trends leaning towards 'quiet luxury'. Capri Holding, which also owns Michael Kors and Jimmy Choo, previously acquired Versace for $2 billion in 2018.

The Prada Group has made a significant move in the fashion industry by acquiring the Versace fashion house from U.S.-based Capri Holding for 1.25 billion euros, equivalent to $1.4 billion.

Versace, a stalwart in Italian fashion known for its sexy silhouettes and bold patterns, has been under Capri Holding's ownership since 2018. Despite an initial purchase price of $2 billion, Capri struggled to align Versace with emerging trends in 'quiet luxury'.

The acquisition reflects the evolving dynamics of the luxury fashion sector, where heritage brands like Versace seek new direction under strategists like Prada.

(With inputs from agencies.)