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MILAN — The Prada Group closed the purchase of Milan fashion rival Versace in a $1.375 billion cash deal that puts the fashion house known for its sexy silhouettes under the same roof as Prada’s “ugly ...

MILAN — The Prada Group now officially controls the Versace brand, as the closing of the acquisition was reported on Tuesday. The date, Dec. 2, coincides with the birthday of the late Gianni Versace.

The Prada Group closed the purchase of Milan fashion rival Versace in a $1.375 billion cash deal that puts the fashion house known for its sexy silhouettes under the same roof as Prada’s “ugly chic” ...