The transaction is predicted to shut within the second half of 2025, Capri Holdings introduced right now (10 April).
The style conglomerate, which additionally owns Jimmy Choo and Michael Kors, acquired Versace for $2.1bn (£1.7bn) in 2018.
As we speak’s announcement confirms weeks of hypothesis surrounding Versace’s change of possession.
Rumours of Prada Group circling the Italian style home first emerged in January 2025, following the termination of Capri’s $8.5bn (£6.8bn) merger with Coach proprietor Tapestry.
In the meantime, Dario Vitale, former design director at Prada Group’s Miu Miu, was final month appointed because the successor to Versace’s long-time inventive director Donatella Versace.
Prada Group has defied the posh sector’s downturn with a 93% retail gross sales improve within the 12 months to 31 December 2024.
Patrizio Bertelli, chairman and government director of Prada Group, mentioned: “We purpose to proceed Versace’s legacy celebrating and re-interpreting its daring and timeless aesthetic. On the identical time, we are going to present it with a powerful platform, bolstered by years of ongoing investments and rooted in longstanding relationships.
“Our organisation is prepared and properly positioned to write down a brand new web page in Versace’s historical past, drawing on the Group’s values whereas persevering with to execute with confidence and rigorous focus.”
John D. Idol, chairman and CEO of Capri Holdings, mentioned: “Over the past six years, we have now made great progress in repositioning the model to put larger emphasis on its luxurious heritage and distinctive craftsmanship.
“We’re assured that Prada Group is the right firm to additional information Versace into its subsequent period of development and success.”
