“Prada today announces the successful completion of the acquisition of Versace from Capri Holdings, after having received all required regulatory clearances,” the company said in a statement.
Capri CEO John D. Idol said the proceeds would be used primarily to repay debt, which he said would “substantially strengthen” Capri’s balance sheet and lower its leverage ratio.
Idol said the Versace sale would give Capri greater financial flexibility to invest in its remaining brands, Michael Kors and Jimmy Choo, and allow the company to return capital to shareholders.
“We remain focused on executing our strategic initiatives across Michael Kors and Jimmy Choo,” he said, adding that the company believed it was “on track to stabilize our business this year” and prepared for a return to growth in fiscal 2027.
Idol also expressed gratitude to the Versace leadership team, singling out Donatella Versace, Dario Vitale, and Emmanuel Gintzburger for their leadership and commitment.
Idol said Prada was “the ideal partner to guide this celebrated luxury house into its next era of growth.”
It described Versace as a “distinctive asset” with strong awareness and significant untapped growth potential, noting that its unmistakable aesthetic would complement Prada Group’s existing portfolio.
The company said Versace would keep its creative identity while benefiting from Prada’s industrial and retail capabilities.
Patrizio Bertelli, Prada Group's chairman and executive director, said on Apr. 10 that the company was “delighted” to welcome Versace and intended to protect its longstanding creative traditions.
Group CEO Andrea Guerra said the acquisition marked an important step in the company’s long-term strategic evolution. Speaking on Apr. 10, he said the group had already strengthened its brand structures and internal processes, making it “ready to open this new chapter.”
The acquisition of Versace adds to Prada’s multiple fashion labels, including Miu Miu, Church’s, and Car Shoe.