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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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