Italian fashion giant Prada buys Versace – at a discount
Source: BBC
Prada announced on Tuesday that it has acquired Versace, bringing two major Italian luxury fashion houses under one roof.The $1.38bn (£1.04bn) deal is well below the roughly $2bn that Versace's former parent company, Capri Holdings, paid for the brand in 2018.The acquisition expands Prada's portfolio of designer brands - including Miu Miu - as it seeks to compete with rivals including French conglomerate LVMH,…
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