The luxury fashion landscape shifts as Prada acquires Versace for 1.25 billion euros. Indian designers weigh in
On Thursday, luxury brand Prada announced it is buying Versace from Capri Holdings for 1.25 billion euros (over 1,000 crores). On her Instagram, Donatella Versace 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.” We speak to industry experts to gather thoughts on this particular deal.
Prada takes over Versace: Indian designers share their thoughts
Nachiket Barve
Nachiket Barve
According to designer Nachiket Barve, it is a significant merger as there are a lot of uncertainties in the luxury market.
When you look at both brands, they are extremely opposite in their aesthetic where Prada is more quirky while Versace is more sexy and feminine. I think this merger establishes Italy’s place in the market where most of the power players are French. It will be interesting to see how, with a successful management, Versace delves into a chapter as you constantly need to reinvent and come up with a new visual language. Prada has successfully done this with Miu Miu, so I think it will be interesting to see how it does the same with Versace.
Rina Dhaka
Rina Dhaka
While designer Rina Dhaka takes a trip down memory lane, she recalls being dressed head-to-toe in Prada as a child.
Prada has been around for a long time, and today, even the younger generation has gravitated towards it and wants to wear the brand again. With Prada taking over, I think it is a big thing as they will bring in a wearability factor that otherwise lacked in Versace alone with comfort wear trending more. According to me, it is a fantastic opportunity for Versace to keep it going.
Suneet Varma
Suneet Varma
Designer Suneet Varma also shares his thoughts on the merger that according to him, Prada buying Versace is a business acquisition, not a creative one.
Prada is perceived as an urban, modern clothing brand. Versace has always been seen as high-octane glamour and red carpet dressing. As long as Prada doesn’t interfere in the creative direction, it will be a good merger. The trouble starts when acquiring businesses start to interfere in the creative side of the business.
Payal Jain
Payal Jain
Designer Payal Jain believes that this acquisition marks a watershed moment in the fashion industry.
As the world becomes smaller, a handful of players are growing stronger through mergers and acquisitions. I wonder if the authenticity one associates with these giant brands will remain intact as fashion starts to look less unique. Versace, with its unmistakable aesthetic and signature flair, has its very own handwriting. Only time will tell how it evolves under this new umbrella.
