Prada buys Italian fashion rival Versace ...Middle East

The move was announced on Thursday in Milan by the Prada Group, which also owns other luxury brands such as Miu Miu and Church’s.

There had been speculation about the takeover for months. According to the Corriere della Sera newspaper, however, there were several obstacles that had to be overcome before the two Italian houses could team up.

The purchase price for Versace, which was founded in 1978, is now lower than the sum of €1.5 billion that was originally offered.

Both Prada and Versace are amongst the biggest names in Italian fashion.

Company founder Gianni Versace was murdered in the United States in 1997. A month ago, his sister Donatella Versace resigned from her post as creative director after almost three decades in the role. Dario Vitale, who previously worked for Miu Miu, is the new creative director.

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