Soon after Donatella step down from her creative director role, Dario Vitale snatched that title up. Though shocking, this wasn’t the final change for the Italian fashion house. For some time, Versace was getting ready to change owners. Ultimately, the Prada Group acquired Versace. VALLEY has done the research and is willing to tell you everything. So buckle up, the “fashion musical chairs” epidemic doesn’t just apply to creative directors.
In-House History
In early 2019, Capri Holdings, a fashion holding company, bought Versace. This acquisition cost the company over $2 billion dollars. From 2019 through 2024, the house’s revenue rose from “$137 million to $1.03 billion” (Statistica). Clearly, the fashion house rose in popularity and wealth during this time.
During this period, Versace had many iconic moments. At the Spring 2020 Ready-to-Wear show, Jennifer Lopez walked in a vibrant, green dress, referencing her look from the 2000’s Grammys. Also, the Spring 2022 Ready-to-Wear collection was phenomenal. The show closed with pop singer Dua Lipa strutting in a shimmering, pink two-piece set.
Time For a Change?
Capri Holdings recently sold Versace to the Prada Group for around $1.37 billion. According to Capri Holdings, the luxury company will benefit from the agreement. Selling the Italian fashion house will “increase shareholder value” and “strengthen Capri Holdings’ balance sheet.”
Prada Group, the company buying Versace, is looking forward to its future with the brand. The chairman and executive director, Patrizio Bertelli, shared his thoughts on the acquisition. As part of a bigger message, Bertelli said,
We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships.
Continued Legacy
For the novice fashion-lovers out there, understanding the difference between Prada’s and Versace’s aesthetics is key to this historic event. While Prada leans towards a more neutral, refined style, Versace embraces bold prints and shapes. In addition, there is a historical gap between the birth of the two houses. Prada popped onto the scene around 1913 whereas Versace came about in 1978.
While the Prada Group did buy Versace, Dario Vitale is still the creative director. Honoring the iconic designs by Gianni Versace and Donatella, he will most likely stick to the same aesthetic. Prada is not just waltzing into the Italian fashion house and rebranding it. This acquisition merely shows how two fashion giants can indirectly combine for the better.
What are your thoughts on Prada Group buying Versace? Let us know @VALLEYmag on Instagram!
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