After six months of awaiting regulatory approval, Prada Group has officially acquired Versace in a $1.25 billion deal that strategically links two of Italy’s most culturally significant labels, Prada Group announced today.

“We’re ready for this journey,” Prada Group chief executive officer Andrea Guerra told investors on a call following Prada’s acquisition announcement in April . Prada Group scion and head of corporate social responsibility, Lorenzo Bertelli, will become executive chair of the house.

From here, Prada Group will finalize financing agreements, complete closing conditions (legal contracts), and formally transfer ownership, analysts say . Then, the real work begins at Versace, as Prada Group takes on a house steeped in history and entrenched in popular culture that has

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