BREAKING: PRADA TO BUY RIVAL VERSACE FOR 1.25 BILLION EUROS
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Italian fashion house Prada announced Thursday that it had reached a deal with US group Capri Holdings to buy Versace for 1.25 billion euros ($1.39 billion).
The acquisition will create a luxury group with revenues of over 6 billion euros, which could better compete with industry giants such as the French conglomerates LVMH and Kering amid a slowdown in the sector worldwide.
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