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International Business Times
International Business Times
Business

MYSTERIOUS: Italy s prada agrees to buy rival versace for 1 25 bn euros - What They Never Told You

Miuccia Prada Donatella Versace CAPRI United States Capri Holdings Donald Trump Jimmy Choo Michael Kors Fendi Gucci
Capri, which also owns Jimmy Choo and Michael Kors, had to accept a reduced price from Prada amid the market turmoil caused by US President Donald Trump's tariffs. (Credit: AFP)

Italian fashion house Prada announced Thursday it had reached a deal with US group Capri Holdings to buy its flashy rival Versace for 1.25 billion euros ($1.38 billion).

The acquisition will create a luxury group with revenues of over six billion euros that could better compete with industry giants such as the French conglomerates LVMH and Gucci owner Kering, amid a slowdown in the sector worldwide.

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