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Fortune
Fortune
Prarthana Prakash

Prada made the biggest purchase in its history by buying Versace for $1.4 billion, bringing the two Italian luxury labels together

Prada Versace Luxury Andrea Guerra Miu Miu
people walking outside prada store (Credit: Stephanie Gengotti—Bloomberg/Getty Images)

Luxury major Prada will buy Versace for $1.38 billion from American parent company Capri Holdings.

The long-anticipated deal will bring together two leading Italian labels in the luxury segment, albeit with diverging fortunes.

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