"It’s like a MINIMALIST buying a DISCO BALL" - Internet reacts to The Prada Group purchasing Versace for almost $1.4B

The Prada Group has purchased their longtime Milan fashion rival, Versace, in a deal worth close to $1.4 billion. The deal was finalized after a long court battle throughout this year.

On Tuesday, December 2, the Prada Group announced that they have successfully acquired Versace after completing all regulatory clearances. The deal was in the pipeline since April, when Prada signed a definitive agreement to buy the Milan-based luxury brand. The brand was previously owned by US-based company Capri Holdings, who also own Jimmy Choo and Michael Kors.

The agreement to purchase Versace came after Capri Holdings' sale to Tapestry fell off because of objections from antitrust regulators. The heir to the Prada Group, Lorenzo Bertelli, is set to lead the brand in this new phase as the executive chairman, alongside being the group marketing director and sustainability chief.

Fans took to X to react to this major deal in the world of luxury and fashion. Some of them commented on the different kinds of style the two brands have practiced so far, with one writing:

"LOL! the contradiction… It’s like a MINIMALIST buying a DISCO BALL .. 🤭🤭"

Some other reactions were as follows:

Fans continued to discuss the deal and sharing their thoughts:

When Prada CEO Lorenzo Bertelli opened up about their plans to purchase Versace

Lorenzo Bertelli, the son of Miuccia Prada and Patrizio Bertelli, was keen on sealing the deal for the purchase since the discussions began. He confirmed in November last year that the deal is in the works, as Versace satisfied two key conditions - it was not too risky financially and was a worthy investment as one of the most popular luxury brands in the world.

Speaking to Reuters in November, Bertelli said:

"There had already been contacts during the COVID period, there were talks even before Capri’s sale to Tapestry. When that deal fell through over antitrust issues, we came back and tried to speed things up. It was something that had been in the works for a long time."

The Milan-based brand was founded in 1978 by Gianni Versace, who was shot dead in Miami in 1997. His sister, Donatella Versace, led the brand for almost three decades as the creative chief before stepping down in March this year. Dario Vitale, the former design director of their sister brand, Miu Miu, took over in Donatella's place.

After Bertelli's brand acquired the company for $1.375 billion, Donatella took to Instagram to remember her deceased brother and the founder of the luxury brand. She mentioned that the date of the acquisition coincides with his birthday, and said:

"Today is your day and the day Versace joins the Prada family. I am thinking of the smile you would have had on your face. I miss you, always."

The deal has raised many eyebrows in the fashion world, as Prada is known for its minimalist fashion, while the other brand's collections have been maximalist. However, the latter has reportedly been underperforming in the post-pandemic world, which Bertelli noted while finalizing the purchase.

After Donatella stepped down from her position, the brand began to revamp its style under new director Dario Vitale. He launched his first collection during the Milan Fashion Week in September this year. Lorenzo Bertelli has also confirmed plans to bring in the revamp to smoothly blend the two brands' style to make a new one.

When the deal was announced in April, Bertelli's side mentioned that Versace will hold 13% of their pro-forma revenue, Miu Miu will hold 22%, while Prada will hold 64%. They have also announced a 17% revenue boost last year.

Edited by Pratyasha Sarkar