Prada on Tuesday announced it has completed the acquisition of Italian luxury rival Versace, a brand the group said it had pursued for years.

The fashion house reached a definitive agreement in April to buy Versace from U.S.-based Capri Holdings for about €1.3 billion ($1.51 billion), after Capri’s planned sale to Tapestry collapsed following antitrust objections.

Lorenzo Bertelli, son of Prada founders, Miuccia Prada and Patrizio Bertelli, stated in November that he will assume the role of executive chairman at Versace once the integration is finalised, noting that Prada had long sought the deal, according to Reuters.

“There had already been contacts during the COVID period, there were talks even before Capri’s sale to Tapestry. When that deal fell through over antitrust issues, we came back and tried to speed things up,” Bertelli said.

“It was something that had been in the works for a long time,” he added.

Founded in 1978 by Gianni Versace in Milan, the bold and glamour-driven brand will now sit alongside the group’s two core labels — Prada and the rapidly expanding Miu Miu — marking a significant strategic pivot for the Italian luxury house.

Bertelli, who championed the deal, said Versace checked two crucial boxes: it posed manageable financial risk and offered substantial value, given its status as one of the world’s most recognisable luxury brands.