Fashion: Prada takes over: The devil now also wears Versace

The Italian fashion house Versace will in future be part of Prada – another big name of the Italian and international fashion world. The Prada Group announced this after several months of negotiations in Milan. The purchase price was specified at 1.25 billion euros. The name Versace, which goes back to the company founder Gianni Versace, which was murdered in 1997, is to be preserved.

In recent years, the luxury brand under the roof of the company Capri Holdings from the USA, which also includes prominent fashion houses such as Michael Kors or the shoe manufacturer Jimmy Choo. In addition to Prada, the Prada empire also includes the Miu Miu and Church’s model line, also shoes of the upper price range.

Italian group against international luxury competition

The idea behind the takeover is also to be able to keep up with international competition such as LVMH from France. The business has been speculated for months. According to the daily newspaper “Corriere della Sera”, there were still some obstacles. Shortly before the completion of the business, the punitive tariffs of US President Donald Trump also had worried against other countries – also against Italy – it said.

The takeover must still be approved by the authorities, which is considered very likely. A conclusion is expected in the second half of the year. The “Corriere della Sera” spoke of an agreement between the two “queens of the Italian fashion world”. Giorgio Armani is considered the king of the Italian fashion world, who also exists over his empire at the age of 90 and also designs himself.

The purchase price for the company founded in 1978 is now lower than the sum of 1.5 billion euros, which was originally in the room. Prada is a lot older than Versace: the brand that goes back to two brothers has existed since 1913.

CEO promises: Versace’s heir remains

CEO Patrizio Belli assured that Prada will keep Gianni Versace’s legacy. “We want to celebrate and reinterpret his bold and timeless aesthetics,” he announced. Until recently, his sister Donatella has held the creative direction of the fashion house since Versace’s murder. The 69-year-old only cleared her post a month ago. Since April 1, she has only been Chief Brand Ambassador (chief brand ambassador).

The new creative director is now Dario Vitale, who had previously worked for Miu Miu. Versace claims to have more than 200 own shops worldwide. In addition, Versace fashion is offered in more than 600 shops. There are also shoes, bags, glasses, watches and perfume from the brand.