Darlings, it’s done!

The Prada Group just toasted the much-anticipated acquisition of Versace for a deliciously fashionable €1.25 billion ($1.4 billion). 🥂

After years of flirtation and negotiation, and that April agreement, the US-based luxury conglomerate Capri Holdings finally handed over the keys to the Medusa palace.

Back in 2018, Capri paid about $2 billion when loud luxury was still the vibe. Fast-forward to the quiet-luxury aesthetic taking over, and Versace’s baroque style suddenly felt like last season. Yes, in 2024, the brand still rang up €1.04 billion (20% of Capri’s €5.2 billion total), but growth had gone rather flat. 😕

So, Prada came in at exactly the right moment. Post-deal, Versace will represent just 13% of the enlarged group’s pro-forma revenues, with their youth-focused branch Miu Miu at 22%, and Prada itself making up 64%.

The Prada Group already grew 17% last year to €5.4 billion, so €1.25 billion for Versace is basically them buying iconic Italian firepower at a discount.💰

Lorenzo Bertelli (founders’ Miuccia and Patrizio’s cool son) will step in as executive chairman once integration is complete. He told Reuters in November that Prada had been eyeing this deal for years, but only moved recently because Versace passed the heir’s two golden rules — nothing too risky financially, and genuinely worth it.

No drastic changes to Versace’s image are promised, although those Spring runways hint at a colorful and playful twist ahead. 🎉