Prada buys Versace to create all-Italian luxury contender – The Tribune-OxBig News Network

Prada’s deal to buy Versace revives hopes for a ‘Made in Italy’ luxury champion after many other family-founded brands ended up in French, Swiss or US hands, and comes as many Italian groups are outperforming the struggling sector.

The $1.375 billion deal brings one of fashion’s best-known Italian labels back under Italian control after it was sold to US-listed Capri Holdings for $2.15 bn in 2018.