Prada Group buys Versace fashion house from its U.S. owner in a deal valued at $1.4 billion

Rome: The Prada Group announced the purchase of the Versace fashion house from the U.S. luxury group Capri Holding in a cash deal valued at 1.25 billion euros ($1.4 billion.)

Versace has been owned since 2018 by the Capri Holding, which includes Michael Kors and Jimmy Choo.

Capri Holding paid $2 billion for Versace, but had been struggling in the recent era of “quiet luxury'' to position the stalwart of Italian fashion with its sexy silhouettes and loud patterns.