Prada struck a $1.375 billion deal to buy smaller rival Versace from Capri Holdings on Thursday, including its debt, in a move that unites two of the biggest names in Italian fashion.
Prada is seeking to expand, having defied a slowdown in luxury demand, while Versace has been operating at a loss in the last few quarters.
The merger strengthens Italy’s hand in a luxury industry led by French conglomerates, the biggest being Louis Vuitton owner LVMH.
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