Prada has agreed to buy its smaller rival Versace in a billion-dollar deal to unite two of the biggest designer fashion labels.
The deal to unite the two Italian brands has an estimated value of $1.36bn (£1.06bn), the Prada Group said on Thursday.
“We aim to continue Versace’s legacy, celebrating and re-interpreting its bold and timeless aesthetic,” said Prada chairman Patrizio Bertelli.
The Prada Group already owns several other designer labels, including Miu Miu and luxury footwear brand Church’s.
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