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.

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Prada said in a one-line statement that the acquisition had been completed after receiving all regulatory clearances.

Versace's future

Prada heir Lorenzo Bertelli will steer Versace's next phase as executive chairman, in addition to his roles as group marketing director a

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