Italian Fashion Giant Prada Acquires Versace For £1.3 Billion
In a significant development, Fashion Giant Prada has acquired its smaller rival Versace, bringing the two competitors under one roof. The acquisition expands Prada’s portfolio of designer brands – including Miu Miu – as it seeks to compete with rivals including French conglomerate LVMH, which owns Dior and Fendi in addition to Louis Vuitton.
In a statement issued by Prada, the luxury brand confirmed that it has successfully completed the acquisition of Versace, having received all required regulatory clearances.
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Storied designer Donatella Versace stepped down as the brand’s creative chief earlier this year after 27 years at the fashion company. She was the face of the brand’s glamorous styles and the iconic Medusa head logo. Versace had took over the company in 1997, after the murder of her brother Gianni,
Notably, the company is being sold at a roughly $700m loss after Versace’s sales slowed, along with the sale of Capri Holdings’ other brands, which include Michael Kors and Jimmy Choo. Versace had shifted from its recognisable ornate designs to embrace a more minimalist trend – while hiking prices.
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