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‘Prada wants to incorporate Versace’, Italian fashion fairy tale in the
The Italian fashion company Prada wants to take over competitor Versace, reports the American news agency Bloomberg on the basis of those involved. Prada would like to have the deal around later this month. The company would be willing to pay 1.5 billion euros for fashion brand Versace.
Versace is currently owned by the American fashion group Capri Holdings, which is also the owner of the Michael Kors and Jimmy Choo brands. However, the fashion group suffers from disappointing results. They are mainly caused by Chinese consumers who keep their hands on. Prada sails a lot better, thanks in part to the success of daughter brand Miu Miu.
In January there were already rumors about conversations between the two fashion companies. To date, the managements have not confirmed that negotiations are being made. Also last week, Prada owner Miuccia Prada was still silent about an upcoming deal. At the fashion week in Milan, the designer only said that the possibility of buying Versace appeals to many companies.
Female leadership
It is not surprising that Prada is on a takeover path, says editor -in -chief of fashion magazine Harper’s Bazaar Miluska van ‘t Lam. “With such a takeover, they can perpetuate their market position towards other luxury gemlomerates. Prada is currently also a leader in fashion; commercial and for the fashion press. What they bring to the market is followed everywhere.”
If the purchase continues, Versace will return to Italian hands after seven years and there is a small landslide in the Italian fashion world. It is rare that an iconic brand is for sale as a Versace and it is even rarer that one fashion family will incorporate the other.
Prada started in 1913 as a leather goods company of the Broers Prada. Miuccia Prada is the granddaughter of one of the brothers and received the company in 1978.
Versace was founded in the late 1970s by fashion designer Gianni Versace. After being shot in 1997 in front of his house in Miami, his sister Donatella Versace took the lead over the company. She is also still creative director of the brand under Capri.
“The families are still so involved. And both fashion houses are an excellent example of female leadership in fashion. If these women connect their companies together, history is written,” says Van ‘t Lam.
Different blood groups
Prada and Versace have very different collections for a different audience. Prada is relatively minimalist, Versace is characterized by Italian opulence; Excessive wealth and luxury. It is responsible for financial analysts: how do those brands will function next to each other?
Yet the differences do not have to stand in the way of a joint future, says Van ‘t Lam. “A creative director must monitor the DNA of a separate fashion house well. If that happens, they can find out with different blood groups under one umbrella.”
A takeover of Versace by Prada could at least count on applause in Italy. When the Americans managed to buy the brand Versace and an investment company in 2018, that news was not well received.
The then Deputy Prime Minister Matteo Salvini said he had had enough that more and more Italian brands were purchased by international companies. Donatella Versace said at the time that no Italian company had shown serious interest in the takeover of the fashion house. “It is not as if we are the ones who refuse to be a member of an Italian group,” said Versace.
Failed deal
Last year Tapestry, another large American fashion group, tried to buy Capri in its entirety. The American competition authority stopped for that takeover. Capri then decided to put his individual brands in the shop window.
Investors seem to see the purchase of Versace by Prada: the shares of both Capri and Prada benefited today at the trade fairs of the news.
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