Prada has announced it has acquired fellow luxury fashion house Versace in a deal worth over £1billion.
The major deal grows Prada's portfolio of designer brands, which already includes Miu Miu, as the giant looks to compete with rivals such as LVMH, which owns Louis Vuitton and Dior.
The acquisition comes just months after Donatella Versace stepped down as the fashion house's creative chief in March, the BBC reports.
At $1.38billion (£1.04billion), the takeover price is significantly lower than the $2.15billion sum parent company Capri Holdings paid to acquire Versace back in 2018.
Capri, which still owns brands including Michael Kors and Jimmy Choo, said it will use the money received to repay its debts and "substantially strengthen" its balance sheet.
Prada chief executive Andrea Guerra previously said Versace had "huge potential".
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