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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).

Versace, the legendary Italian luxury fashion house, has always been synonymous with bold designs, opulence, and innovation.

The Italian fashion house was purchased for €1.25 bn from Capri, which is restructuring after a failed merger with Tapestry.