Fashion: Prada officially acquires Versace

Milan, 2 December (LaPresse/AP) – The Prada Group announced today that it has officially acquired Versace in a deal worth €1.25 billion. Prada said in a brief statement that the acquisition was completed after receiving all regulatory approvals. Lorenzo Bertelli, son of Miuccia Prada, will lead Versace’s next evolution as executive chairman, in addition to serving as the group’s marketing director and head of sustainability. Prada emphasised that the Versace brand, founded 47 years ago, offers ‘significant untapped growth potential’.