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Prada has agreed to buy its smaller rival Versace in a billion dollar deal to unite two of the biggest designer fashion ...

ROME (AP) — The Prada Group announced a deal Thursday to buy Italy’s Versace from the U.S. luxury group Capri Holdings under terms that value the fashion house at 1.25 billion euros ($1.4 billion).

Prada's $1.3 billion acquisition of Versace strengthens Italy's hand in the luxury industry led by French conglomerates.

The price Prada has agreed to pay for Versace is a big discount to the roughly $2.15 billion including debt that Capri paid ...

The Italian fashion house was purchased for €1.25 bn from Capri, which is restructuring after a failed merger with Tapestry.