The negotiations between the two brands were happening for months, but only this wednesday (10) the deal that seals Versace’s purchase by approximately 1,4 billion dollars was confirmed. The italian luxury brand was also bought by a fashion group, Capri Holdings, in 2018. Versace was sold at a smaller price than the first purchase.
The CEO of Prada, Andrea Guerra, has stated that, despite the uncertainties that mark the fashion field, they are looking at long distance positioning for the future, even through the challenges the world is facing nowaday, such as the perspective of economic recession on the U.S.
Italian blood
Prada is one of the biggest italian brands, being founded in 1913 by Mario and Martino Prada. The purchase gives Italy a stronger place in the world scenario of fashion, as the United States owns most of the fashion groups and the french giant, LVMH, is the owner of Louis Vuitton and Dior, making Prada slowly became the biggest italian conglomerate of fashion. Armani and Dolce & Gabbana are supposedly the next ones. But how can that change the “face” of Versace?
VERSACE’S FACE
Versace is well known for the loud aesthetic. Bold prints, bold cuts, a lot of color, a lot of gold. Sexy is their way to go. Nothing at all minimalistic, and that is why people used to love it. But since the rise of the quiet luxury aesthetic, with more traditional clothes becoming the public’s choice, the brand has lost more and more of the people’s eye. Brands like Miu Miu gained the heart of Gen Z, and Prada continues to hold their status, being almost evergreen, popular with the Gen Z public and older generations.
The truth is: Versace was having a hard time trying to translate their aesthetic into today’s minimalism wave. To add onto this, the announcement that Donatella Versace was leaving the job as the creative director, post she is in charged of since the death of her brother and creator of the brand, Gianni Versace, only grew pressure on the topic. Especially because the new creative director, Dario Vitale, is a former Miu Miu, a brand of the Prada Group.
HOW WILL IT BE UNDER A CONGLOMERATE?
In a general way, to be under one can result in better financial support and to have much better suppliers and marketing. But will Versace still hold creative freedom? Or can this result in an attempt to make the investor happy by doing whatever is in style?
The visions when in a conglomerate can turn into this: exactly whatever sells most, making the brand in question give up its creative freedom. Not to mention the difference between the two brands: a strong look such as Versace may not adjust so well to Prada’s quietness and simplicity. Even Miu Miu, Prada’s youngest sister, resembles a similarity.
But not everything is a disaster, there are a lot of examples that worked really well. The Row and Jacquemmus, for example, are finding their own path and The Row is growing a lot organically, without giving in to the pressure of big conglomerates. So in a way, this change can also lift Versace again, and make it more aligned with what concepts are in style today, while maintaining their super characteristic aesthetic.
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The article above was edited by Giulia El Houssami.
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