Prada Group purchases fashion rival Versace in $2.2bn deal

The Prada Group has officially purchased Milan fashion rival Versace in a 1.25 billion euro ($2.2 billion) deal. 

The deal puts the fashion house known for its sexy silhouettes under the same roof as Prada’s “ugly chic” aesthetic and Miu Miu’s youth-driven appeal.

The move is expected to…