PRADA TO ACQUIRE VERSACE FOR €1.25 BILLION

Prada to Acquire Versace for €1.25 Billion

MILAN, ITALY • Prada Group announced Thursday its agreement to acquire the iconic Italian fashion house Versace from U.S. luxury conglomerate Capri Holdings in a deal valued at €1.25 billion. The acquisition aims to integrate Versace's rich heritage and creative legacy within the Prada Group, signaling a strategic shift in the global luxury market.

Milan, Italy, April 10, 2025 – 3:58 PM CEST – Prada announced Thursday it has entered into a definitive agreement to acquire 100 percent of Versace from Capri Holdings. The purchase is based on an enterprise value of €1.25 billion.

Since 2018, Versace has been owned by Capri Holdings, a multinational fashion company founded in 1981 by American designer Michael Kors. Capri Holdings paid two billion dollars (€1.84 billion) for Versace. However, in the recent era of luxury's more subdued trends, Capri Holdings struggled to position one of Italian fashion's pillars, known for its sensual silhouettes and flamboyant patterns.

"The transaction is expected to close in the second half of calendar year 2025, subject to customary closing conditions, including regulatory approvals," states a press release published on Capri's website.

Prada's Vision for Versace

"We are delighted to welcome Versace into the Prada Group and to begin a new chapter for a brand with which we share a constant commitment to creativity, product care, and a strong cultural heritage. Our goal is to ensure the continuity of Versace's legacy," said Patrizio Bertelli, Chairman and Executive Director of the Prada Group.

Bertelli added, "Our organization is ready and well-positioned to write a new page in Versace's history, leveraging the Group's values and continuing to operate with confidence and rigorous determination."

Capri Holdings on the Sale

John D. Idol, Chairman and CEO of Capri Holdings, also commented on the transaction in a press release. "Versace is an iconic Italian fashion house founded 46 years ago by Gianni Versace and further developed under the creative vision of Donatella Versace. Over the past six years, we have made tremendous progress in repositioning the brand to place greater emphasis on its luxury heritage and exceptional craftsmanship."

Idol believes the brand is now well-positioned for future growth: "Thanks to product, marketing, and retail enhancements, the brand is now well-positioned for sustainable long-term growth. We are confident that the Prada Group is the perfect company to lead Versace into its next era of growth and success."

He also stated that the transaction reflects Capri Holdings' commitment to increasing shareholder value and strengthening its balance sheet, while continuing to foster the growth of its other brands, Michael Kors and Jimmy Choo. "We will continue to advance the strategic initiatives shared at our recent Investor Day and remain confident in the long-term growth potential of Michael Kors and Jimmy Choo," Idol concluded.