Prada, one of the world's most renowned fashion houses has made a major move by purchasing Versace, another iconic Italian fashion brand.
As per BBC, on Thursday, April 10 a deal took place between the two fashion icons which is worth about $1.36 billion.
By doing this, Parada wants to combine the strength of both brands and grow even bigger in the fashion world.
Prada chairman Patrizio Bertelli said in a statement, "We aim to continue Versace's legacy celebrating and re-interpreting its bold and timeless aesthetic."
Versace will now be part of the Parada Group, which already owns other brands like Miu Miu and Church's.
As per the reports, Parada started talking about buying Versace from its current owner Capri Holdings in February who bought Versace in 2018 for about $2.15 billion.
Andrea Guerra, the chief executive of Prada shared, "Versace has huge potential. The journey will be long and will require disciplined execution and patience."
This deal also includes Versace's debt as currently Versace is losing money because there has been a major drop in global demand for luxury fashion.
Prada chairman said that Prada will help Versace become stronger in business by giving it better opportunities and resources.
