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Prada is acquiring Versace for $1.36 billion, creating a major luxury fashion group to rival LVMH and Kering. The deal, announced Thursday, unites two iconic Italian brands. Prada aims to build on Versace's legacy while addressing its recent losses. The acquisition price is significantly lower than Capri Holdings' 2018 purchase price. Donatella Versace will transition to chief brand ambassador.

Prepared by Christopher Adams and reviewed by editorial team.