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Prada Acquires Versace in Major Luxury Fashion Shake-Up

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Prada has officially acquired Versace in a landmark deal worth $1.38bn (£1.04bn), bringing two iconic Italian luxury labels under one umbrella. The purchase price is significantly lower than the nearly $2bn paid by Versace’s former owner, Capri Holdings, in 2018. With this acquisition, Prada strengthens its portfolio—already home to brands like Miu Miu—as competition intensifies against giants such as LVMH, which owns Louis Vuitton, Dior, and Fendi.

The sale comes after a challenging period for Versace. Its long-time creative chief Donatella Versace stepped down in March, ending a 27-year tenure that began after the death of her brother Gianni. She was succeeded by Dario Vitale, previously a design director at Miu Miu. Under Capri Holdings, the brand moved away from its signature ornate aesthetic toward minimalism while raising prices, a strategy that coincided with slowing sales across Capri’s portfolio, including Michael Kors and Jimmy Choo.

Prada said it received all necessary regulatory approvals to finalize the deal. Capri Holdings noted that proceeds will be used to significantly reduce debt, improving its financial position. Prada CEO Andrea Guerra has expressed confidence in Versace’s long-term potential, saying the brand’s next chapter will require “disciplined execution and patience” as it integrates into the Prada Group.

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Irish Fashion Icon Paul Costelloe Dies Aged 80

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Renowned Irish fashion designer Paul Costelloe has died in London at the age of 80 following a short illness, his family announced on Saturday. Surrounded by his wife and seven children, Costelloe passed away peacefully. Known as one of the most influential names in British and Irish fashion, he built a global reputation with his innovative designs, craftsmanship, and decades-long leadership in the industry.

Born in Dublin, Costelloe studied at the Grafton Academy before moving to Paris for advanced couture training. He launched his own label in 1979 and showcased his collections at London, Paris, Milan, and New York Fashion Weeks. His career reached a major milestone when he was appointed personal designer to Princess Diana in 1983, a partnership that continued until her death in 1997. He frequently worked with traditional Irish fabrics, including linen and tweed, and collaborated with major retailers such as Dunnes Stores.

Costelloe remained a key figure on international runways and served as the closing designer at the inaugural Ireland Fashion Week in 2025. Tributes poured in from political leaders and fashion figures alike. Irish Prime Minister Micheál Martin called him “an icon of design” who brought Irish fashion to the world stage, while Tánaiste Simon Harris praised his remarkable career and lasting influence. Despite past controversy over comments about Irish women’s fashion, Costelloe recently expressed pride in Ireland’s evolving style identity.

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Victoria Beckham’s fashion show disrupted by Peta protesters

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Animal rights activists disrupted Victoria Beckham’s Paris Fashion Week show, joining her models on the catwalk. They wore T-shirts reading “Animals aren’t fabric” and waved signs advocating for vegan leather.

Despite a foot injury, Victoria appeared at the finale in a black protective boot, blowing a kiss to the crowd. Her brand avoids fur and exotic skins, but Peta highlighted their use of leather, urging Beckham to adopt eco-friendly alternatives like leather made from fruits and mushrooms.

Peta is known for disruptive protests at fashion events worldwide. The show presented Beckham’s autumn/winter 2024 collection, attracting attention not only for its designs but also for the activism on display.

Victoria injured her foot in a gym accident, as revealed by David Beckham on Instagram, indicating that her presence at the show despite her injury was a testament to her dedication to her brand and the fashion industry.

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French to get bonus to make do and mend clothes

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France is introducing a bonus scheme to encourage consumers to repair their clothes and shoes rather than discarding them. Starting in October, customers will receive discounts ranging from €6 to €25 per repair.

Bérangère Couillard, the junior ecology minister, expressed concerns about the 700,000 tonnes of clothing that end up in French landfills annually. The government plans to allocate €154 million over five years to fund the program. The aim is to support the repair sector, create job opportunities, and combat the issue of “fast fashion.”

The scheme will offer rebates for various repairs, such as €7 for a new heel and €10-€25 for new lining in garments. Refashion, a group responsible for implementing the initiative, revealed that 3.3 billion clothing items were sold in France last year. However, some critics argue that the government is unfairly stigmatizing the clothing industry and wasting public funds. Pascal Morand of the Haute Couture and Fashion Federation expressed concerns about the potential impact on luxury brands.

In addition to the bonus scheme, France plans to introduce new labeling rules from January 2024. These rules will require manufacturers to disclose the environmental impact of their products, including water usage, chemical usage, the risk of microplastic emissions, and the use of recycled textiles. The fashion industry is a significant sector in France, generating €66 billion in turnover last year and employing thousands of people.

While France is the EU’s fourth-largest fashion exporter, the industry has experienced a decline in recent years. In 2020, French consumers spent an average of €430 on clothing, which is below the EU average.

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