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The fashion world is witnessing a landmark moment as the Prada Group has completed its acquisition of Versace for approximately $1.375 billion in cash. The deal brings together Versace’s bold, sensual style with Prada’s intellectual minimalism and Miu Miu’s playful, youth-oriented designs.

The acquisition followed a blocked attempt by Tapestry to buy Capri Holdings, Versace’s former parent company, due to antitrust concerns. Prada had long sought to acquire Versace, pursuing the deal for several years until the perfect opportunity arose.

The purchase aims to strengthen Versace financially, which had faced challenges under Capri Holdings, the parent company of Michael Kors. For Prada, the consolidation creates a powerful luxury conglomerate capable of competing with the world’s largest fashion houses.

Versace’s new chapter will be led by Lorenzo Bertelli, heir to Prada and son of co-creative director Miuccia Prada and Prada Group chairman Patrizio Bertelli. He will assume the role of executive chairman, succeeding Donatella Versace. The brand’s new creative director is Dario Vitale, a former Miu Miu designer who took the helm just before the deal closed. Donatella, who led Versace’s creative direction for nearly three decades, stepped down while honoring the legacy of her late brother, Gianni Versace.

Donatella marked the occasion on Instagram, sharing an archival photo of Gianni with Miuccia Prada and writing, “Today is your day, and the day Versace joins the Prada family. I am thinking of the smile you would have had on your face.”

Capri Holdings confirmed that proceeds from the sale will be used to reduce company debt. The union of these two Italian fashion giants promises to inject Versace with the energy and stability needed to reclaim its position at the forefront of global style.

Photo: Michael Dufour/Wireimage/Getty Images

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