Prada S.p.A. on Thursday announced that it has entered into a definitive agreement to acquire 100% of Versace from Capri Holdings, completing a negotiation that had lasted just a few months.

 
The cash consideration, based on an Enterprise Value of €1.25 billion, is subject to adjustments at closing. However, the sticker price is also significantly less than the €1.83 billion Capri paid to buy Versace back in 2018.
 
Founded in 1978 in Milan, Versace is one of the leading international fashion design houses and epitome of Italian luxury worldwide. Building on a remarkable brand awareness, Versace stands as a distinctive asset in the luxury landscape. Deeply rooted in the history of fashion, the brand displays strong potential to read contemporaneity and marked sensibility in capturing and anticipating the spirit of today’s and future society, Prada stressed in a release.

“We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftmanship and heritage. We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships. Our organization is ready and well positioned to write a new page in Versace’s history, drawing on the Group’s values while continuing to execute with confidence and rigorous focus,” said Patrizio Bertelli, Prada Group Chairman and Executive Director.
 
The deal comes three weeks after Capri announced that Donatella Versace, sister of founder Gianni Versace, had stepped down as the house’s creative director to become its ambassador. She was replaced by Dario Vitale, formerly the design director of Miu Miu, the fastest growing label in the Prada group.

 
With its highly recognizable aesthetic, the brand constitutes a strongly complementary addition to the Prada Group’s portfolio and displays significant untapped growth potential leveraging multiple value creation levers, Prada noted.
 
Within the Prada Group, Versace will maintain its creative DNA and cultural authenticity, while benefitting from the full strength of the Group’s consolidated platform, including industrial capabilities, retail execution and operational expertise.

“The acquisition of Versace marks another step in the evolutionary journey of our Group, adding a new dimension, different and complementary. The Group’s infrastructure is strong, we have verticalized our brands’ organizations and reinforced our routines and processes. We feel ready to open this new chapter. Versace has huge potential. The journey will be long and will require disciplined execution and patience. The evolution of a brand always needs time and constant focus. I would like to thank Capri Holdings for having preserved and enhanced the heritage of this wonderful brand. Notwithstanding the sector uncertainties, we look at the future with confidence, focused on a long-term strategic vision,” added Andrea Guerra, Group Chief Executive Officer.

Eyewear specialist InSpecs has released its preliminary results for 2024 and while its profit margin rose, revenue, underlying EBITDA and cash flows from operating activities all fell.

The company, which makes and markets its own brands as well as operating licenses for Barbour, Joseph, Radley, Superdry, Temperley and Viktor&Rolf, among others, said group revenue fell to £198.3 million from £203.3 million. At constant currency though it was only down to £203.2 million.

The gross profit margin rose to 52.2% from 50.9% but underlying EBITDA fell to £17.6 million from £18 million. Operating profit actually managed to rise to £3.4 million from £2.9 million but cash flows from operating activities were down to £14.2 million from £16.9 million. However, the company’s net debt excluding leasing was reduced to £22.9 million from £24.2 million.

The year saw a number of achievements including distribution agreed for key new brands in leading retailers across the US, Canada and Europe; completion of the group’s new state-of-the-art manufacturing facility in Vietnam; the integration of the US businesses; group centralised procurement generating supply chain efficiencies; the launch of a new optics product ‘Optaro’, being a video magnifier specifically made for smartphones; and new finance facilities put in place until 2027 with improved terms.

The company also responded to the current tariff situation and doesn’t seem excessively worried.

Its non-US based businesses aren’t currently affected by the recent changes in tariffs, and the group is “confident that the continuing focus on supply chain efficiencies, reducing operational expenditure and selective pass through of cost increases to preserve margins across key markets will largely mitigate the effects of these new tariffs”.

The company also set out its medium-term ambition to deliver CAGR organic revenue growth 40% above the market rate, which is currently forecast to grow at 3% CAGR over the next five years, as well as double-digit underlying EBITDA.

CEO Richard Peck said the firm “demonstrated resilience in 2024 despite challenging macroeconomic conditions, with revenue declining by 2.5% due to softer consumer demand and competitor consolidation. However, our continued focus throughout the year on the integration and simplification of our business has been significant.

“The first quarter has laid the groundwork for a pivotal year and as we move forward, the focus remains on sharpening efficiency, streamlining operations, and advancing key initiatives. Notwithstanding the recently announced tariffs and caution in relation to market conditions, compelling new projects in the pipeline give us confidence in delivering on market expectations for 2025.”

Fashion Revolution, which says it’s the world’s largest fashion activism movement, has announced details for Fashion Revolution Week 2025 that runs from 22-27 April.

The theme this year is Think Globally, Act Locally as it aims to engage local communities and policy-makers.

It’s an undeniably big aim and comes “as governments worldwide backslide on legislation aimed at protecting the environment and garment workers’ rights, global brands are also silently deprioritising their sustainability goals and fossil fuel divestment, highlighting why collective citizen action matters now more than ever”. 

Fashion Revolution Week 2025 will mobilise citizens through its network in over 80 countries and beyond, “to come together, raise awareness, upskill themselves, and advocate for improved social and environmental legislation, amplifying the message that fashion brands need to be held accountable for their impacts and increase transparency throughout their supply chains”.

Executive director Sarah Jay said: “As we usher Fashion Revolution into its second decade, we must build upon the spirit of allyship, inquiry, and community in which we were founded. Fash Rev’s inaugural question, ‘Who made my clothes?’ is as relevant now as ever. We must continue to ask bold questions, and demand transparency, solid commitments, and tangible action plans from brands, stakeholders, and policymakers. We must organise locally, connect strategically, and make our voices heard in support of greater legislative protections for the global fashion workforce, for biodiversity, and for the ecosystem services we continue to exploit through overproduction and consumption.”

The group has a Local Issues Toolkit that can be downloaded. It contains an overview of industry issues, as well as resources to help hone in on what’s most relevant to those taking part and their immediate community. 

It’s advising on how to engage local policy-makers and there’s a Mend in Public Day planned for 26 April. This follows a successful launch in 2024. “Armed with needle and thread, Fashion Revolutionaries will be mending and stitching in protest of overproduction and consumption. Because in an age of throwaway fashion, repairing our clothes is a revolutionary act. Take the opportunity to join your local community, repair torn pockets and ripped seams and spark conversations on how to make Loved Clothes Last,” Fashion Revolution said.  

Together with Slow Stitch Club, it’s also hosting an Online Darning Workshop on 26 April.