Prada Acquires Versace in Major Fashion Deal at Reduced Price

Italian fashion group Prada has purchased rival brand Versace for $1.38 billion (£1.04bn). The deal significantly consolidates the luxury fashion industry. The purchase price is notably lower than the amount paid in Versace's last sale. In 2018, the brand sold for roughly $2 billion. This acquisition brings two of Italy's most iconic fashion houses under single ownership. Analysts expect the move to strengthen their global market position.