Prada Group announced Tuesday that it has officially purchased Milan fashion rival Versace for 1.25 billion euros, or nearly $1.4 billion, bringing the fashion house under the same corporate umbrella as Prada and Miu Miu. The acquisition was confirmed in a statement from Prada Group on December 2, 2025.
The transaction unites two of Milan's most prominent fashion houses under a single Italian-owned luxury group. Prada Group now controls a portfolio spanning its namesake Prada label, the experimental Miu Miu brand, and Versace's signature aesthetic. The acquisition positions Prada Group to compete more directly with larger European luxury conglomerates like LVMH and Kering, which have built dominance through multi-brand strategies.
Industry analysts view the purchase as a strategic move to diversify Prada Group's offerings while keeping control of Italian luxury heritage within domestic ownership. Versace, founded in 1978 by Gianni Versace, has remained a symbol of Italian fashion despite changing hands multiple times in recent decades. The brand was previously sold to Capri Holdings, formerly known as Michael Kors Holdings, in 2018 for approximately $2.1 billion.