Milan, Italy Reuters —

Prada said on Tuesday it had completed the acquisition of Versace, a brand the Italian luxury group said it had long coveted.

Prada signed a definitive agreement in April to buy Versace from US-based Capri Holdings for about 1.3 billion euros ($1.51 billion), after Capri’s sale to Tapestry was scrapped in the wake of a challenge by antitrust regulators.

Prada's Lorenzo Bertelli speaks during a press conference in Milan, in October 2024. Marco Bertorello/AFP/Getty Images

Lorenzo Bertelli, the son of Prada owners Miuccia Prada and Patrizio Bertelli, told Reuters in November that he will become executive chairman of Versace once the integration is complete. He said that Prada had been keen on a deal for several years.

“There had already been contacts duri

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