Prada buys fashion rival Versace

Prada has officially taken over its longtime rival Versace in a $ one and a half billion dollar deal. The move Prada has pursued for years. Versace needs a revival after weaker post-pandemic performance under Capri Holdings.Now it joins Prada and Miumu under one luxury group. The son of Prada's owners, Lorenzo Bertelli, will lead Versace's next phase as executive chairman. ...