Prada Group CEO Andrea Guerra confirmed the 1.25 billion euros ($1.35 billion) acquisition of Versace will be formally completed on December 2. Guerra described Versace as “unique and extraordinary” with complementary aesthetics to Prada and Miu Miu, while acknowledging significant work ahead on brand positioning and creativity. Under the new structure, Prada Group heir Lorenzo Bertelli will become Versace’s executive chairman, though Miuccia Prada will not be involved in creative direction. Guerra revealed Versace will serve as an “experimental platform” within the group, functioning as a “third engine” alongside Prada and Miu Miu.