The devil may indeed be wearing Prada. Reportedly, Prada said on Tuesday it had completed the acquisition of Versace, a brand the Italian luxury group said it had long coveted.
Prada is an Italian luxury fashion house founded in 1913 by Mario Prada in Milan, originally specializing in high-quality leather goods, travel trunks, and accessories. Its first boutique in the Galleria Vittorio Emanuele II quickly became known for craftsmanship and refined materials. The brand’s modern identity took shape in the late 1970s when Miuccia Prada assumed creative leadership. Under her direction, Prada expanded beyond leather goods into ready-to-wear fashion, footwear, and accessories, developing a reputation for intellectual design, innovative materials, and a distinctive aesthetic that often blends minimalism with unexpected conceptual twists.
Reportedly, Prada signed a definitive agreement in April to buy Versace from US-based Capri Holdings for about 1.3 billion euros ($1.51 billion), after Capri’s sale to Tapestry was scrapped in the wake of a challenge by antitrust regulators.
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Today, Prada remains one of the world’s most influential luxury labels. It produces men’s and women’s clothing, handbags, shoes, eyewear, fragrances, and other accessories, supported by the broader Prada Group’s in-house manufacturing and global retail network. The brand is known for craftsmanship, refined tailoring, and forward-thinking creative direction. Prada’s influence extends beyond fashion trends, shaping conversations around design, culture, and modern luxury—cementing its position as a central force in contemporary high-end fashion.
Reportedly, Lorenzo Bertelli, the son of Prada owners Miuccia Prada and Patrizio Bertelli, told Reuters in November that he will become executive chairman of Versace once the integration is complete. He said that Prada had been keen on a deal for several years.
“There had already been contacts during the COVID period, there were talks even before Capri’s sale to Tapestry. When that deal fell through over antitrust issues, we came back and tried to speed things up,” Lorenzo Bertelli said.
“It was something that had been in the works for a long time,” he added.
Versace is an Italian luxury fashion house founded in 1978 by Gianni Versace in Milan. The brand is internationally recognized for its bold, glamorous, and theatrical designs, featuring vibrant prints, striking silhouettes, and luxurious materials.
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The company produces a wide range of products, including women’s and men’s ready-to-wear, handbags, shoes, eyewear, fragrances, and home-lifestyle collections. Its aesthetic blends traditional Italian craftsmanship with high-energy, statement-making style, appealing to clients who value luxury, individuality, and confidence.
Over the decades, Versace has maintained a consistent brand identity, known for opulence, sensuality, and instantly recognizable designs. The house has also played a major role in shaping global fashion trends, influencing how luxury, glamour, and celebrity culture intersect.
With boutiques in major fashion capitals worldwide and a loyal international following, Versace continues to be a symbol of expressive style, and innovation in the luxury fashion market, though exact interpretations of its style and the impact of future collections may evolve.