In a bold shakeup of the fashion world, Prada has officially snapped up iconic Italian fashion house Versace in a deal worth €1.25 billion (£1.1 billion). The move sees the brand, famous for its flashy prints and daring designs, leave U.S. ownership and return to Italian hands under the Prada Group’s growing luxury umbrella.
Announced on Thursday, the deal will see Prada take full control of Versace from U.S.-based Capri Holdings, the company that also owns Michael Kors and Jimmy Choo. The transaction is set to finalise in the second half of the year and will be backed by €1.5 billion in new debt, according to NBC News.
