The purchase, the largest in Prada’s 112-year history, returns Versace to Italian ownership. Read more at straitstimes.com. Read more at straitstimes.com.

Prada's deal to buy Versace revives hopes for a 'Made in Italy' luxury champion after many other family-founded brands ended up in French, Swiss or U.S. hands, and comes as many Italian groups are outperforming the struggling sector.

ROME (AP) — The Prada Group announced a deal Thursday to buy crosstown Milan fashion rival Versace from the U.S. luxury group Capri Holdings under terms that values one of the most recognizable names in Italian fashion at 1.25 billion euros ($1.4 billion).