In a major shake-up for the fashion world, Prada has officially acquired Versace in a €1.25 billion deal. The move unites two Italian luxury giants and is seen as a bold step to boost Italy’s standing in a market dominated by French fashion houses like LVMH and Kering.

Prada takes over Versace

As part of the transition, Donatella Versace has stepped down as Chief Creative Officer. She held the role since the tragic death of her brother Gianni. Donatella isn’t leaving the brand completely but will now serve as Versace’s Chief Brand Ambassador. Her focus will be on global outreach and preserving the brand’s legacy.

Dario Vitale, formerly with Miu Miu, has been named the new Chief Creative Officer. His appointment marks a fresh chapter for Versace. Prada’s leadership has pledged to honour Versace’s bold style. They also plan to bring in Prada’s structure and innovation to drive the brand forward.