Prada said that the 47-year-old Versace brand offered ‘significant untapped growth potential’.

The Prada Group has announced that it has purchased Milan fashion rival Versace in a 1.25 billion euro (£1.06bn) deal.

The move is expected to relaunch Versace’s fortunes after average post-pandemic performance as part of US luxury group Capri Holdings.

Prada said in a one-line statement that the acquisition had been completed after receiving all regulatory clearances.

Prada heir Lorenzo Bertelli will steer Versace’s next phase as executive chairman, in addition to his roles as group marketing director and sustainability chief.

The son of co-creative director, Miuccia Prada, and long-time Prada Group chairman Patrizio Bertelli has said he does not expect to make any swift executive changes a

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