Prada officially announces acquisition of rival fashion company Versace

Prada, the Italian luxury fashion house founded in 1913 in Milan by Mario Prada, has officially announced the acquisition of rival fashion company Versace.

Earlier, the deal was valued at 1.25 billion euros.

Prada, whose portfolio also includes fashion companies Miu Miu and Church's, has acquired all of the shares in Versace held by US luxury clothing company Capri Holdings - after receiving all required regulatory approvals.

The European Commission in Brussels gave approval for the acquisition of Versace in September.

The purchase price of the giant fashion company "Versace", founded in 1978, is under 1.5 billion euros.

Prada, which dates back to 1913, officially revealed its plans to buy Versace in April, after months of speculation.

According to the newspaper "Corriere della Sera", there were several obstacles that had to be overcome before the two Italian fashion houses could merge.

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