MILAN -- The Prada Group announced Tuesday that it has officially purchased Milan fashion rival Versace in a 1.25 billion euro (nearly $1.4 billion) deal that puts the fashion house known for its sexy silhouettes under the same roof as Prada’s “ugly chic” aesthetic and Miu Miu’s youth-driven appeal. The highly anticipated deal is expected to relaunch Versace’s fortunes, after middling post-pandemic performance as part of the U.S. luxury group Capri Holdings.

See Full Page