‘Been in works for long time’: Prada seals $1.51 billion Versace deal; Lorenzo Bertelli takes over as executive chairman
CNN reported that the acquisition follows an agreement reached in April, under which Prada committed to purchasing Versace for about $1.51 billion, a deal that materialised after Capri Holdings’ planned sale to Tapestry fell apart because of an antitrust challenge.Lorenzo Bertelli, the son of Prada founders Miuccia Prada and Patrizio Bertelli, is set to assume the role of executive chairman at Versace.
Speaking about the extended discussions that paved the way for the deal, he said, “There had already been contacts during the Covid period, and 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. It was something that had been in the works for a long time.”With the acquisition now finalised, Versace — established in 1978 by Gianni Versace in Milan — becomes part of the group that owns both Prada and Miu Miu.
Bertelli, who pushed for the acquisition, said the brand met two important criteria: it carried manageable financial risk and held strong global value.The transition comes shortly after Donatella Versace stepped aside as creative chief following 30 years in the position.
She was succeeded by Dario Vitale, previously the design director at Miu Miu.
