The Prada group announced the acquisition of its smaller rival Versace.
Prada acquired the Italian fashion house from Capri Holdings (which also owns Jimmy Choo and Michael Kors) for €1.25 billion (the deal is pending approval) after talks began in February of this year.
The deal comes just a month after Donatella Versace stepped down as the brand's creative director after nearly 30 years.
“We intend to continue the Versace legacy by celebrating and reinterpreting its bold and timeless aesthetic,” said Prada Chairman Patrizio Bertelli.
While Prada wants to preserve Versace's legacy, it remains unclear how this will affect Versace's uniqueness.
Known for its flamboyant glamour, Versace has long been considered the more distinctive Italian brand compared to Prada.
“Prada and Versace are at opposite ends of the aesthetic spectrum,” explains international model Camille Spann, “one known for its understated sophistication, the other for its sensuality.”
“But as a model who has experienced both on the runway, I see incredible potential in this contrast.”
Spann argues that different design approaches can coexist: “In fact, the tension between minimalism and maximalism can spark a creative evolution,” she says, “a fresh, contemporary combination that will still respect the individuality of each home.”
Following the departure of Donatella Versace, Dario Vitale was appointed as Versace's creative director, marking the first time the position has been transferred outside the Versace family.
“I first met Donatella 10 years ago and I love the passion she brings to everything she does,” says Spann. “Donatella is definitely the heart of Versace, her influence is undeniable and her presence is felt in every collection.”
Sourse: breakingnews.ie
