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Prada Secures Versace in Landmark $1.38 Billion Deal

The acquisition brings two iconic Italian houses together as Prada aims to strengthen its global footprint and revive Versace’s slowing momentum. 

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In a major shake-up for the global luxury fashion industry, Prada has officially acquired Versace in a deal valued at $1.38 billion, uniting two of Italy’s most influential style powerhouses. The acquisition price reflects a steep drop from the nearly $2 billion Capri Holdings paid when it took control of Versace in 2018.

For Prada, the addition of Versace marks a strategic expansion of its luxury portfolio—already home to Miu Miu—as it seeks to compete more aggressively with global giants like LVMH, the parent company of Louis Vuitton, Dior, and Fendi. The move comes at a pivotal time for Versace, which has experienced slowing sales and a shift in creative direction in recent years.

Versace underwent significant transformation under Capri Holdings, embracing a more understated aesthetic in place of its signature bold, baroque designs, while simultaneously pushing prices upward. The brand also saw a major leadership change earlier this year when Donatella Versace exited her role as creative director after nearly three decades. Her successor, Dario Vitale—previously a design director at Miu Miu—has begun steering the house into its next chapter.

The sale marks a roughly $700 million loss for Capri Holdings, which said the proceeds will be used primarily to reduce its debt and strengthen its financial position. “We plan to use the proceeds to repay the majority of our debt,” said Capri CEO John D. Idol.

Prada, which described the acquisition as fully approved and completed, sees significant long-term opportunity in reviving Versace’s global appeal. CEO Andrea Guerra previously noted the brand’s “enormous potential” but acknowledged that rebuilding momentum will require patience and focused execution.

With this deal, Italy’s luxury fashion arena enters a new era—one defined by consolidation, reinvention, and heightened competition on the world stage.

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DiamondBuzz

De Beers Group Launches “Heera Hai Aapke Liye” Program at IIJS Bharat Signature to Revolutionize Natural Diamond Accessibility in India

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De Beers Group, the world’s leading diamond company, marked a significant milestone in the Indian jewellery landscape with the official launch of the “Heera Hai Aapke Liye” program at IIJS Signature. The star-studded event featured actress Sonakshi Sinha, who joined Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, to unveil an initiative dedicated to making natural diamonds an integral part of daily life for the modern Indian consumer.

The “Heera Hai Aapke Liye” (Diamonds are for You) program is strategically designed to promote natural diamonds by raising awareness, boosting market visibility,and creating a seamless connection between retailers and consumers. With a focus on modern designs and attractive price points, the program also lets local retailers use De Beers Group campaigns as their own—second-piercing earrings, ‘Bestie’ bracelets, and ‘Intention’ pendants. It positions diamonds as a lifestyle choice for self-expression and daily wear.

Speaking at the launch, Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, detailed the evolution of the brand’s storytelling, stating, “De Beers Group has a rich legacy of creating iconic ritual campaigns that have shaped how the world perceives diamonds. With ‘Heera Hai Aapke Liye,’ program we are evolving that narrative for the Indian market to another level.

We are not just selling jewellery, we are making natural diamonds more accessible and desirable in India. Our goal is to empower retailers through INDRA (Indian Natural Diamond Retailer Alliance)  to ensure that every ‘First Diamond’ journey is as credible as it is beautiful.”

Kirit bhansali

Speaking on the occasion, Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), said, “IIJS has always been a powerful platform for shaping the future of India’s gem and jewellery industry, and the launch of ‘Heera Hai Aapke Liye’ at IIJS Signature reinforces that role. GJEPC is proud to partner with De Beers Group on the INDRA (Indian Natural Diamond Retailer Alliance) project, which is a critical step towards strengthening domestic demand for natural diamonds.

By empowering retailers, enhancing consumer confidence, and expanding access across metros and Tier 2 markets, this initiative aligns perfectly with our vision to grow the natural diamond category sustainably within India.”

The program ‘Heera Hai Aapke Liye’, rests on few strategic pillars aimed at industry growth and scalability:

  • Stocking & New Consumer Opportunity: Identifying gold wholesalers and distributors across 15–20 cities to focus on a first-phase target of 500 retailers.
  • Retailer Advantage: Providing a “Design Advantage” and strict “Product Hygiene,” backed by a clear buy-back policy and robust training and marketing support via the INDRA alliance.
  • Heera Hai Aapke Liye is robust entry-level product kit featuring earrings, bangles, bracelets, etc supported by exclusive visual merchandising (VM) for display.
  • Growth and Scalability: A PAN-India reach strategy designed to unlock new business opportunities for both manufacturers and retailers.

As India continues to grow as the world’s second-largest market for retail diamond jewellery, De Beers Group remains committed to strengthening the natural diamond narrative. By combining the emotional appeal of natural diamonds with the practical “Heera Hai Aapke Liye” framework, De Beers aims to build a sustainable future for the category across both metros and Tier 2 cities. De Beers and GJEPC aim to expand the base of Natural Diamond buyers, increase self-purchase consideration, and establish long-term credibility for the category.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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