Prada To Buy Rival Versace For 1.25 bn Euros

Italian fashion giant Prada announced on Thursday that it has agreed to acquire Versace from the American company Capri Holdings for 1.25 billion euros ($1.39 billion).

This acquisition will establish a major luxury conglomerate with a combined revenue exceeding 6 billion euros, positioning it to better compete with industry leaders like the French groups LVMH and Kering, particularly amidst a global slowdown in the luxury goods sector.

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