The Prada Group has confirmed the purchase of Versace for close to US$1.4 billion

Versace store at the Paragon

Despite vastly different aesthetics, Prada and Versace will come together under one roof. After many months of speculation, Prada has finally announced that the group will buy Versace for US$1.4 billion (or about S$1.87 billion) from Capri Holdings, the troubled parent company of Michael Kors, now left with one other brand Jimmy Choo. At the time Capri acquired Versace, they aspired to be American equivalent of a European luxury group such as LVMH. It is hard to see that materialise now. In 2018, when the Versace acquisition was finalised, few believed that a company with Michael Kors as the main brand would be able to grow Versace in Europe or in the U.S.. It was reported back then that Capri, which still considers itself “a global fashion luxury group”, secured Versace for US$2 billion.

Versace available to buy this time came about primarily after the proposed merger of Capri with Tapestry—owner of Coach, Kate Spade and Stuart Weitzman—was blocked by the U.S. Federal Trade Commission in November 2024. By last Christmas, rumours were gaining momentum that Versace was up for sale as the brand was not doing well, and that the Prada Group was interested. And then in March, after Versace’s tacky autumn/winter 2025 collection, Capri announced that Donatella Versace will leave the brand that her slain brother founded. Miu Miu designer Dario Vitale was appointed the new creative director, suggesting that it was an internal transfer, even when the sale of Versace to Prada was still a rumour.

The Versace Group is not extactly known for its management of other luxury brands. They had previously bought Helmut Newton and Jil Sander, but was not able to keep them even when both names were much more aligned with Prada’s aesthetically than the new aquisition. However, they still own footwear brands Car Shoes and Britain’s Church’s. With Versace in the stable, it will be fascinating to see how the Medusa head will henceforth evolve under Prada’s watch, even when Versace’s brand of sexiness, as it is said, will unlikely be out of style.

Photo: Chin Boh Kay