Fashion empire swallows fashion giant The devil now also wears Versace
The fashion house Versace is now fully owned by Prada, another big name in the fashion world from Italy. This was announced by the Prada Group following approval by all the relevant authorities in Milan. The shares of the previous owner Capri Holdings from the USA have been completely taken over.
02.12.2025, 16:28
03.12.2025, 07:49
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- The Italian luxury group Prada has completely taken over Versace, the purchase price according to the media is around 1.25 billion euros.
- The aim of the takeover is to position itself better in international competition against fashion giants such as LVMH.
- Versace will remain a brand and will in future be managed by Lorenzo Bertelli, son of Prada boss Patrizio Bertelli and Miuccia Prada.
When a fashion giant buys up another fashion empire completely, it gets expensive. In this case, we are talking specifically about Prada and Versace.
Specifically: the purchase price had previously been quoted at 1.25 billion euros. The name Versace, which goes back to the company founder Gianni Versace who was murdered in 1997, remains. According to media reports, the founding family has thus sold all its shares in Prada and no longer owns the brand.
The shares of the previous owner Capri Holdings from the USA have been completely taken over. Previously, the founding family still owned 80 percent of the fashion group.
Capri Holdings owns other well-known fashion houses such as Michael Kors and shoe manufacturer Jimmy Choo.
In addition to Prada itself, the Prada empire also includes the Miu Miu fashion line and Church's, which also produces high-end shoes.
Italian group against international luxury competition
The Italians' idea behind the takeover is also to better keep pace with international competition such as LVMH from France. The deal had long been the subject of speculation until Prada made its plans official in the spring. The EU Commission granted its approval in September. Most recently, US President Donald Trump's punitive tariffs, which also affect Italian companies, had caused difficulties.
The Milan daily newspaper "Corriere della Sera " described the takeover of Versace by Prada as a merger of the two "queens of the Italian fashion world". Until his death in early September at the age of 91, Giorgio Armani, who was also based in Milan, was considered the undisputed king. Discussions are currently underway as to what will happen next with the Armani Group, which is worth many billions.
Second part of "The Devil Wears Prada" next year
The agreed purchase price for Versace is slightly lower than the sum of 1.5 billion euros that was originally being discussed. Prada is 65 years older than Versace: the brand, which goes back to two brothers, has been around since 1913.
Its fame was further increased by the movie "The Devil Wears Prada", which is based on the book of the same name. The second part - again starring Meryl Streep, Anne Hathaway and Emily Blunt - is due to be released in cinemas next April. The sequel has also been filmed in Milan in recent weeks.
Group CEO promises: Versace's legacy remains
Prada Group CEO Patrizio Bertelli has already assured that the legacy of Gianni Versace will be preserved. "We want to celebrate and reinterpret his bold and timeless aesthetic," he announced. In future, Versace will be managed by Lorenzo Bertelli (37), the son of Bertelli and Miuccia Prada.
Since the fashion designer's murder in the USA, his sister Donatella had been the creative director of the fashion house until recently. Shortly before her 70th birthday, she vacated her post in spring. Now she can still call herself Chief Brand Ambassador. Dario Vitale, who previously worked for Miu Miu, is now creative director of Versace.
According to the company, it has more than 200 of its own stores worldwide. Versace fashion is also sold in more than 600 stores. The brand also sells shoes, bags, glasses, watches and perfume.
