In a major shake-up for the global luxury fashion industry, the Prada Group has officially purchased iconic Milan-based fashion house Versace for 1.25 billion euros, which is close to $1.4 billion. The announcement came on Tuesday and instantly became one of the most talked-about developments in the luxury world, bringing together two powerhouse brands with contrasting but equally influential design identities.
The acquisition places Versace—long celebrated for its bold, sensual, and high-glamour silhouettes—under the same umbrella as Prada’s signature “ugly chic” aesthetic and Miu Miu’s youthful, trend-driven appeal.
This move is also being viewed as a strategic reset for Versace. The brand has seen uneven performance in the years following the pandemic and struggled to regain full momentum under its previous owner, Capri Holdings of the U.S. luxury market.
