Italian fashion giant Prada buys Versace – at a discount

The $1.38bn (£1.04bn) deal between the two Italian fashion giants is well below the roughly $2bn Versace was sold for in 2018.

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The $1.38bn (£1.04bn) deal is well below the roughly $2bn that Versace's former parent company, Capri Holdings, paid for the brand in 2018.

The acquisition expands Prada's portfolio of designer brands - including Miu Miu - as it seeks to compete with rivals including French conglomerate LVMH, which owns Dior and Fendi in addition to Louis Vuitton.

Storied designer Donatella Versace stepped down as the brand's creative chief in March after 27 years at the fashion company, known for its glamorous styles and the iconic Medusa head logo.

She took over the company in 1997, after the murder of her brother Gianni. She was replaced by Dario Vitale, formerly a design director of Miu Miu, Prada's youth-focused luxury brand.