# Italian fashion house Prada announced it had reached a deal with US group Capri Holdings to buy its flashy rival Versace for 27-billion-rand. The acquisition will create a luxury group with revenues of over 129-billion-rand that could better compete with industry giants such as the French conglomerates LVMH and Gucci. Prada group chairperson and executive director Patrizio Bertelli says they are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which they share a strong commitment to creativity, craftsmanship and heritage.
Prada to buy Versace for R27-billion