MILAN (AP) — The Prada Group has officially purchased Milan fashion rival Versace for $1.375 billion. The deal announced Tuesday brings the fashion house known for its sexy silhouettes under the same roof as Prada’s “ugly chic” aesthetic and Miu Miu’s youth-driven appeal. The highly anticipated acquisition is expected to relaunch Versace’s fortunes. Versace has experienced middling post-pandemic performance as part of the U.S. luxury group Capri Holdings. Prada said in a one-line statement that the acquisition had been completed after receiving all regulatory clearances. Prada has underlined that the 47-year-old Versace brand offered “significant untapped growth potential.’’
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