The EU's chief antitrust body, the European Commission, announced on September 30 that it had given the green light to Italian Prada Group's acquisition of the fashion brand Versace. The deal to buy Versace is worth $1.375 billion. This was reported by UNN with reference to the EC's press release.
The statement emphasizes that the European Commission conducted the review under a simplified procedure. According to the European Commissioners, the deal does not pose a threat to competition, as the merged companies will have a limited impact on the market. The deal was announced in April but will close in the fall of 2025. Thus, the Versace fashion house will once again become part of the Italian fashion industry.
Recall
Versace is joining Prada with a new creative director – Dario Vitale.
In March 2025, the brand announced that Donatella Versace was stepping down as creative director, a position she had held since 1997 after the tragic death of her brother Gianni Versace. She will now be the fashion house's chief ambassador and will focus on Versace's reputation in the fashion world.
In April of this year, Prada entered into a $1.38 billion agreement to acquire smaller rival Versace from Capri Holdings. Following today's announcement, Capri shares gained 0.4% in trading.
In 2018, Versace was acquired by the American company Michael Kors (now Capri Holdings) for €1.8 billion. At that time, the Versace family received €150 million in Capri shares.