It’s a time of upheaval at Versace. After the departure of Donatella Versace, historically in charge of the creative direction of the brand after the death of her brother Gianni, the acquisition by the Capri Holdings group has also officially arrived.
Versace therefore begins its new era under the ownership of Prada and with the new Chief Creative Officer, Dario Vitale, who had already held the same role for Miu Miu, Prada’s sister brand.
“I am absolutely delighted that Versace is joining the Prada family,” said Donatella Versace in a post on Instagram. “Gianni and I have always had great admiration for Miuccia, Patrizio and their family. I am honored to leave the house in the hands of a trusted Italian family business and I am ready to support this new era for the brand in every way possible.”
On April 10, Prada announced that it had entered into a definitive agreement to acquire 100% of Versace from Capri Holdings, for a value of €1.25 billion.
The acquisition by Prada Group comes at a tumultuous time for the entire fashion industry. Among the many luxury houses, Versace has been hit particularly hard, reporting a 15% decline in sales in the last quarter, in contrast to Prada Group which has reported 18% growth in revenue year-over-year across all its brands.
“We are delighted to welcome Versace into the Prada Group and to start a new chapter for a brand with which we share an unwavering commitment to creativity, product care and a strong cultural heritage,” said Patrizio Bertelli, Chairman and Executive Director of the Prada Group, in a statement.
Although it is well known that Prada and Versace represent stylistically opposite poles of fashion, the union will work in the name of business. While Prada develops a more refined and understated aesthetic, thanks in large part to the direction of Miuccia Prada and Raf Simons, Versace continues the maximalist and opulent style created based on the vision of founder Gianni Versace and the subsequent tenure of his sister.
“Our goal is to continue the Versace legacy, celebrating and reinterpreting its bold and timeless aesthetic,” Bertelli reassured.
“Within the Prada Group, Versace will maintain its creative DNA and cultural authenticity, while benefiting from the full strength of the Group’s consolidated platform, including industrial capabilities, retail execution and operational expertise,” the company added.
