On Tuesday, the EU approved the takeover of the Italian haute couture house Versace by Prada , a fellow Italian label, concluding that the deal raised no competition concerns.

In April, Prada announced it would acquire Versace from U.S. group Capri Holdings for €1.25 billion.

The marriage of the two legendary brands is poised to create an Italian luxury group with a turnover exceeding €6 billion, positioning it to better compete with industry giants such as LVMH and Kering .

Donatella Versace , who took over the creative direction of the brand in 1997 after the murder of her brother Gianni, announced just before the acquisition that she would step down. She will be replaced by Dario Vitale, a designer from within the Prada group.

Prada, which also owns the youthful and irrever

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