Italian luxury group Prada has officially finalized the acquisition of fashion house Versace from U.S.-based Capri Holdings in a cash transaction valued at approximately $1.375 billion, according to the Associated Press. The deal brings together two of Italy’s most iconic luxury brands.
The transaction received regulatory approval in September, when the European Commission concluded that the acquisition would not raise competition concerns, given the limited combined market positions of the companies involved.
Read full article here: turnovernews.com
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Photo: Prada Group
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