Prada acquires Versace in $1.4 billion deal
(NBC, KYMA) - Two Italian fashion powerhouses are joining forces as Prada acquired Versace in an historic deal worth nearly $1.4 billion.
The fashion giants will now work together, with Versace joining Prada's manufacturing system.
The deal was made in an effort to relaunch Versace's fortunes after post-COVID-19 pandemic struggles.
Prada executives don't expect any immediate leadership changes for Versace.
