Versace’s ‘Quiet Luxury’ Blunder Opened Door to Prada Takeover
A Versace store in Paris.
Photographer: Cyril Marcilhacy/BloombergFashion executive John Idol thought Versace leaned too much on ornate designs and aimed to fix it by dialing things down, then boosting prices.
When his company, Capri Holdings Ltd., acquired the fashion house in 2018, he said his strategy would double the brand’s revenue over the next decade. Six years later, that vision has unraveled. He’s sold Versace to Prada SpA for $1.38 billion, a roughly $700 million loss, and sales growth is significantly off course.