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Bloomberg Published
April 13,长沙USDT卖出 2025
For decades, the fiercely independent Prada SpA Chairman Patrizio Bertelli talked about the need for Italian fashion houses to acquire size and scale to take on sprawling industry behemoths like LVMH and Kering SA and also avoid being gobbled up by them.
And yet his efforts to add heft to the Milan-based company he controls with his wife Miuccia Prada through an acquisition binge in the late 1990s left the group saddled with more than €1 billion ($1.13 billion) in debt and later forced the couple to seek help from Italian banks to prevent losing control.
More than a quarter century on, the family — including the couple’s oldest son Lorenzo, Bertelli’s designated successor — is seeking a different outcome from the biggest acquisition in Prada’s 112-year history: Versace.
Prada on Thursday agreed to buy the brand founded in the 1970s by late designer Gianni Versace from Capri Holdings Ltd. for €1.25 billion. The amount was significantly less than the initial asking price of more than €2 billion, according to people familiar with the matter. Prada even squeezed out a last-minute discount on the agreed €1.4 billion-euro price following the turmoil created by US President Donald Trump’s tariff push. The final price tag could be lower still, following several adjustments.
Adding Versace to Prada’s small yet growing stable of brands may give the Italian house the ability to stand alone in the fight for customers against the world’s biggest luxury giants as key markets like China and the US weaken. The bulk it adds strengthens the succession plans of the Prada-Bertelli family, which owns 80% of Prada. Miuccia, 76, and Patrizio, 79, have been determined to hand over the reins of the company to Lorenzo in a way that ensures the fashion house can maintain its independence.
Guaranteeing succession is a critical issue for Italian family-controlled businesses. Over the years, they have seen one brand after another scooped up by bigger global players. LVMH owns Fendi and Loro Piana and last year bought a stake in the company that controls Moncler SpA. Kering owns Gucci, Bottega Veneta and has an option to gain control of Valentino. For the families behind these brands, it has meant a loss of control.
Lorenzo, 36, a former rally driver who joined the family business about six years ago, is currently the head of marketing and social responsibility at Prada. He’s set to take over his father’s responsibilities in coming years.
In Versace, Prada gets a brand with a polar-opposite aesthetic, widening its range. While designer Miuccia has created her “ugly chic” style at Prada, Versace has been known for its elaborate, ornate designs and its signature Barocco print.
“Versace’s distinctive aesthetic fits perfectly into our portfolio, adding creative and customer complementarity,” Lorenzo said. “As we’ve seen in recent years, unlocking a brand’s full potential doesn’t necessarily require a revolution, but rather an evolution through small and constant steps.”
Prada’s purchase comes after record 2025 results, thanks to its Miu Miu label, which caters to younger consumers and helped it weather the recent global downturn in high-end fashion. But taking on a troubled label, which while still a global name is far removed from its heyday in the 1980s and 1990s, may be a risky undertaking in the current climate for the luxury sector.
“We see the relaunch as a long and demanding process, which slightly dilutes the equity story of visible and consistent growth of the two main brands, Prada and Miu Miu,” said Paola Carboni, an analyst at Equita, in a note to clients. Prada, which went public through a 2011 IPO in Hong Kong, has fallen more than 30% from its mid-February record high.
Prada has already warned that fixing Versace will take time. The decision to buy it was “for the long term, for long-term success,” Chief Executive Officer Andrea Guerra said.
Prada plans to run Versace as a separate unit, as it does with Miu Miu, said the people who asked not to be named discussing private plans. Miuccia, or “La Signora” as she’s known at the company, won’t be designing any collections for Versace, which recently hired Dario Vitale, formerly of Miu Miu, as its chief creative officer, following the departure of longtime designer Donatella Versace.
Prada will have to decide on the direction the brand needs to take to turn its fortunes around.
In a heartening note for Italy’s family businesses, the deal has brought together two of the best-known clans of the country’s famed fashion industry, a fact that was welcomed by Donatella, who stepped down in March as Versace’s creative director. It was a role she had taken over in 1997, when her brother Gianni was killed outside his home in Florida.
“I am absolutely delighted for Versace to become part of the Prada family. Gianni and I have always had a huge admiration for Miuccia, Patrizio and their family,” Donatella wrote in a post on Instagram.