Italian fashion major Prada has announced the 'successful completion' of its acquisition of fellow-Italian brand and long-time competitor in the luxury fashion space, Versace from Capri Holdings.

Media reports suggest Prada paid about USD 1.4 billion for the deal. Talks around the acquisition began in May 2025, with indications that the Milan-based luxury house and Capri were set to close at roughly USD 1.6 billion.

Versace was founded in 1978 by Gianni Versace, who was born in Reggio Calabria, Italy. The brand is headquartered in Milan.

Prada is Milan-based too, and was founded in 1913.