The Prada Group has officially acquired Versace for €1.25 billion (approximately $1.4 billion) from Capri Holdings. This acquisition merges the two iconic Italian brands, with Prada hoping to leverage Versace's notable aesthetic to attract new customers and enhance revenues, particularly as Versace has struggled in recent quarters. Key figures, including Prada Chief Executive Andrea Guerra and marketing director Lorenzo Bertelli, highlighted the strategic importance of this move, emphasizing that Versace will retain its creative identity. The deal, projected to close in the second half of the year, underscores Prada's ambitions amid a luxury market slowdown.