As the global economy is going through changes, the fashion world has a fair share of these changes.
Just a month after news broke about Donatella Versace stepping down as creative director of the iconic fashion brand, Prada purchased it for a whopping $1.4 billion.
The Prada Group, which includes Prada and its offshoot brand Miu Miu as well as other subsidiaries in food and fashion, has announced that it has officially agreed to acquire Versace for €1.25 billion, closing a historic deal for the luxury industry.
This momentous sale was in a statement released on April 10, saying, per the Associated Press, that Versace’s “highly recognizable aesthetic” will make a “strongly complementary addition” to Prada’s portfolio.
Prada, which is helmed by Miuccia Prada, the daughter of founder Mario Prada, noted that Versace offers a segue into previously “untapped growth potential for the brand.”
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According to the statement from Prada,
“Versace will maintain its creative DNA and cultural authenticity, while benefiting from the full strength of the Group’s considerable consolidated platform, including industrial capabilities, retail execution and operational expertise.”
Meanwhile, Versace was previously bought by Capri Holdings, which also owns Jimmy Choo and Michael Kors, in 2018 for $2 billion.
Following news of the sale, the 69-year-old expressed her thrill, sharing a photo of herself and Miuccia as well as lauding the mogul and her husband Patrizio Bertelli.
“I am absolutely delighted for Versace to become part of the Prada family,” she wrote in an April 10 Instagram post.
“Gianni and I have always had a huge admiration for Miuccia, Patrizio and their family.
I am honoured to have the brand in the hands of such a trusted Italian family business and I am ready to support this new era for the brand in any way that I can.”
Donatella is the sister of the brand’s late founder, Gianni Versace. She took over following Versace after Gianni died in 1997 in his Miami residence.
Donatella will continue to act as the brand’s creative director.
