Home / Business and Economy / Prada Group Acquires Versace for $1.4 Billion
Prada Group Acquires Versace for $1.4 Billion
2 Dec
Summary
- Prada Group finalized Versace acquisition for nearly $1.4 billion.
- Lorenzo Bertelli will lead Versace's next phase as executive chairman.
- Prada plans to integrate Versace into its Italian manufacturing system.
The Prada Group has completed its acquisition of fashion rival Versace for approximately $1.4 billion (1.25 billion euros). This significant deal unites Versace, known for its bold and sexy designs, under the same umbrella as Prada's "ugly chic" aesthetic and Miu Miu's youthful appeal.
Prada heir Lorenzo Bertelli is set to guide Versace's next chapter as executive chairman, aiming to unlock the brand's considerable market potential. While no immediate executive changes are anticipated, Bertelli has noted Versace's historical underperformance despite being a top-ten global brand.
Preparations are underway to integrate Versace into Prada's renowned Italian manufacturing system, including its bag production. Prada has made substantial investments in its supply chain, including new factories and an artisan training academy, to support this expansion and enhance production capabilities.
