The Prada Group has received approval from the European Commission to acquire Versace. The deal involves the purchase of Versace’s parent company, Givi Holding Srl, with no competition concerns. Prada anticipates closing the acquisition in the second half of 2025.

In a strategic move, Prada aims to expand its luxury portfolio by adding Versace to its brand roster. The acquisition of Versace from Capri Holdings was valued at 1.25 billion euros, signaling a shift in the fashion industry landscape.

Dario Vitale, a Miu Miu alum, debuted his first collection for Versace, receiving praise for embracing the brand’s legacy. The move is seen as an opportunity for Prada to reach new audiences and convey a fresh message through Versace’s unique aesthetic.

Prada Group forecasts an 8 percent revenue increase to 2.74 billion euros in the first half, with expectations for Versace to generate $810 million in revenue by 2024. The brand operates 227 stores globally and is set to achieve high-single-digit negative operating profit margins.

Read more at Yahoo Finance: Prada Group Secures EU Approval for 1.25 Billion-euro Versace Acquisition, Deal Set to Close in 2025