Prada Acquires Versace in Major Fashion Deal at Reduced Price
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Italian fashion group Prada has purchased rival brand Versace for $1.38 billion (£1.04bn). The deal significantly consolidates the luxury fashion industry.
The purchase price is notably lower than the amount paid in Versace's last sale. In 2018, the brand sold for roughly $2 billion.
This acquisition brings two of Italy's most iconic fashion houses under single ownership. Analysts expect the move to strengthen their global market position.