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.

The Prada Group has agreed to buy rival Versace from the U.S. luxury group Capri Holdings in a deal valuing the Milan fashion house at 1.25 billion euros ($1.4 billion

Prada is set to acquire iconic Italian fashion house Versace in a major billion-dollar deal, aiming to bring together two of the world’s most renowned designer labels under one roof.

Prada's $1.3 billion acquisition of Versace strengthens Italy's hand in the luxury industry led by French conglomerates.

Fashion executive John Idol thought Versace leaned too much on ornate designs and aimed to fix it by dialing things down, then boosting prices.

Versace, owned by Capri Holdings since 2018, will be acquired by the Prada Group in a deal valued at $1.4 billion.

The purchase, the largest in Prada’s 112-year history, returns Versace to Italian ownership and could put the company in a better position to compete with bigger luxury rivals such as LVMH and Kering SA.

On Thursday, in the biggest luxury deal of the year, Prada announced it was buying Versace for 1.25 billion euros ($1.38 billion) from Capri Holdings, a beleaguered New York group that at one point styled itself as the American answer to the great fashion groups of France.

Prada’s talks to buy Versace from fashion conglomerate Capri are at risk of collapsing at the eleventh hour, according to people familiar with the matter. The market swings and the uncertain impact