Italians Do It Better! What Prada Group’s Purchase of Versace Means For The Italian Fashion Industry
Just three days ago, the fashion industry found out that the rumors of Versace being purchased by the Prada Group weren't just rumors. A deal worth nearly $1.4 billion had been reached.
On instagram, Donatella Versace posted a picture with Miuccia Prada, where she wrote “I am absolutely delighted for Versace to become part of the Prada family. Gianni and I have always had a huge admiration for Miuccia, Patrizio and their family. I am honoured to have the brand in the hands of such a trusted Italian family business and I am ready to support this new era for the brand in any way that I can.”
While most fashionistas couldn't be more excited about this new era, questions do arise. What’s next for Prada Group? What’s next for Capri Holdings? But most importantly, what does this acquisition mean for the Italian luxury market?
Currently, the fashion industry is recognized by the multinational conglomerates, largely under French management, with companies such as LVMH, CHANEL, and Kering, as well as Swiss groups such as Richemont, or U.S. ones such as PVH Corp. Among the few Italians on the corporate scene — which includes the Aeffe Group, whose brand portfolio features Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino and Pollini, the Valentino Group and Dolce & Gabbana Holdings, to name a few — the Prada Group is in charge of Prada and Miu Miu. Meanwhile, other brands founded by Italians, such as Gucci, Fendi, BVLGARI, Loro Piana, and Bottega Veneta, are now in the hands of French companies.
From mentions in The Devil Wears Prada and 10 Things I Hate About You, and being a favorite of the likes of Hunter Schafer, Gigi Hadid, and Carey Mulligan, to the various celebrities who appear wearing Versace designs, and even Lady Gaga's song ‘‘Donatella,’’ it's safe to say that Prada and Versace are two of the most recognizable Italian names in the fashion and entertainment world. And by joining forces, fashion could be watching a new giant on the rise while preserving the made-in-Italy ethos.
While some comment on the visual difference between Prada and Versace, the union of the intellectual with the sexy will lead to something good — reaching two different customers and even appealing to a multifaceted clientele. Take Madonna, for example: one day she was accepting the ‘‘Most Fashionable Artist’’ award at the VH1 Fashion Awards in New York City in a citrine-yellow Prada suit that screamed intellectual-meets-quirky, and another day she was posing for Mario Testino in a Versace 1995 ad in shiny, colorful, ultra-sultry looks. The balance was respected!
With a versatile portfolio, we are now witnessing the beginnings of a luxury fashion conglomerate that is Italian owned and operated, which could change the dynamics of the corporate fashion world and further cement Italy's place in high fashion. It’s like Madonna once said — oops, wore — Italians do it better!