Prada enters into an agreement to acquire fashion competitor Versace

In a rather surprising turn of events, Italian fashion house Prada has announced its intention to acquire and buy competitor brand Versace. As noted in a press release, it's stated that this acquisition is valued at €1.25 billion, and that the deal is expected to close in the second half of 2025 with Prada taking over 100% of Versace's holdings.

Speaking about the deal, Prada Group chairman and executive director, Patrizio Bertelli, has stated: "We aim to continue Versace's legacy celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships. Our organisation is ready and well positioned to write a new page in Versace's history, drawing on the Group's values while continuing to execute with confidence and rigorous focus."

It's noted that once the deal is complete, Versace will "maintain its creative DNA and cultural authenticity," but will now have the backing and support of Prada's retail, production, operation, and industrial experience.