Italy’s Prada to acquire fashion rival Versace for nearly 12,000 crore

In a big move for the fashion world, Italian luxury brand Prada has agreed to buy Versace for 12,000 crore (around $1.375 billion). The deal, announced on Thursday, is a major moment in Italian fashion. It brings together two famous brands and gives Italy more power in a global fashion industry mostly led by French companies.

Prada is doing well even though the demand for luxury items has slowed. Versace, on the other hand, has been facing losses. By joining forces, both brands hope to grow stronger.

Prada’s chairman, Patrizio Bertelli, said they want to carry on Versace’s legacy and help it grow. He added that their past investments and strong industry ties will now support Versace.