The PRADA group has reportedly completed a $1.4 billion acquisition of iconic fashion house Versace in one of the biggest takeovers in industry history.

According to reports, the deal is expected to help relaunch Versace’s fortunes, following stagnant post-pandemic performance under the U.S. luxury group Capri Holdings.

“Prada said in a one-line statement that the acquisition had been completed after receiving all regulatory clearances”, as per ABCNews.

The deal is the latest major deal in the fashion and beauty industry over the last 10 years, following Louis Vuitton Moete and Hennessy (LVMH) group’s purchase of a 50% stake in Rihanna’s Fenty Beauty line and investment in Savage Fenty wear in 2019. a deal which helped push her status past the billion-dollar mark.