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Italy's Prada agrees to buy rival Versace for 1.25 bn euros
Italy's Prada agrees to buy rival Versace for 1.25 bn euros
Economy
by  AFP

Italian fashion house Prada announced Thursday it had reached a deal with US group Capri Holdings to buy its flashy rival Versace for 1.25 billion euros ($1.38 billion). In 2018, Capri paid 1.83 billion euros (then $2.1 billion) to acquire Versace, which was previously owned 80 percent by the Versace family and 20 percent by the US investment fund BlackRock.

Five things to know about Versace
Five things to know about Versace
Economy
by  AFP

Italian fashion giant Versace, the long-held family business known for its flashy, sexy designs and Medusa head logo, will now become part of Prada, its larger rival and polar opposite in terms of style. Made from silk and lycra, with a sharply plunging neckline and a long slit up the side, the dress was held together by several oversize golden safety pins.