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Prada Group acquires Versace in landmark Sh161 billion deal

Donatella Versace pictured during a past event [Courtesy]

Prada Group has officially acquired Versace in a Sh161 billion ($1.25 billion) deal, concluding one of the fashion industry's most anticipated mergers.

After months of negotiations and years of speculation, the two iconic Italian houses are now under one umbrella, with Prada purchasing Versace from Capri Holdings, the parent company of Michael Kors and Jimmy Choo.

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