Prada has officially communicated that it has acquired Versace valued at $1.4 billion, a giant and significant milestone in the luxury fashion industry in recent years.

The two of Italy’s most iconic brands now come under one umbrella, potentially reshaping the landscape of high fashion following the latest acquisition. Both highly profiled brands are known for their distinct signature aesthetics, Prada for its avant-garde minimalism, and Versace for its bold, opulent glamour, making the union a compelling fusion of creative visions.

 Prada Group chairman and executive director Patrizio Bertelli commenting on the acquisition in a statement said: “We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftsmanship and heritage. We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships.”