In a major move that could reshape the luxury fashion industry, Prada Group confirmed Tuesday that it has acquired iconic Milan-based label Versace for 1.25 billion euros, roughly $1.4 billion.
“This acquisition brings together two legendary Italian fashion houses under one roof,” Prada Group said in a December 2, 2025 statement.
The deal strengthens Prada Group’s position as a top-tier player in the global luxury market, now managing Prada, Miu Miu, and Versace. It also gives the company more leverage to compete with major conglomerates like LVMH and Kering.
Versace, founded in 1978 by Gianni Versace, has long been a symbol of opulence and bold Italian design. The brand was previously owned by Capri Holdings, formerly Michael Kors Holdings, which bought it in 2018 for about $2.1 billion.
Industry experts see this move as a win for Italy’s high end identity. By keeping Versace in Italian hands, Prada Group is preserving the nation’s fashion heritage while expanding its creative and commercial reach.
It’s unknown what is next for Versace. However, the company has seen a dip in revenue this year as the acquisition neared. Hopefully, Prada Group can return Versace to its glory days.
