Prada Group completed the acquisition of the fashion house Versace on December 2 for $1.38 billion.
Amount and date
The transaction was closed after receiving the necessary approvals from regulators.
"Prada S.p.A. announces the successful completion of the acquisition of Versace from Capri Holdings following receipt of all required regulatory approvals"
– Prada S.p.A.
Comment from Capri leadership
Capri Holdings, which continues to own Michael Kors and Jimmy Choo, said the proceeds from the sale will be used to reduce the company's debt.
"Looking ahead, we believe we are on track to stabilize the business this year, creating a solid foundation for a return to growth in fiscal 2027"
– John D. Idol, CEO of Capri Holdings
"I would like to express my gratitude to the entire Versace team for their dedication and contribution. I especially want to acknowledge Donatella Versace, Dario Vitale and Emmanuel Ginzburger for their outstanding leadership and commitment to the brand's development. I wish the Versace team continued success and believe that Prada is the ideal partner to lead this legendary house of luxury into a new era of growth"
– John D. Idol, CEO of Capri Holdings
History and performance of Versace
- Versace is known for bold looks, luxurious prints and the Medusa head logo. The brand was founded by Gianni Versace in 1978; its current creative director is his sister Donatella Versace. In 2023 Versace generated about $1 billion in revenue for Capri Holdings, roughly one fifth of the group's total income.
- In November 2024 Capri Holdings recorded an unexpectedly sharp decline in revenues due to budgeting errors and a broader fall in demand for luxury goods.
