Prada buys rival fashion house Versace in $1.4 billion deal

Donatella Versace’s recent shift to a role as Versace’s brand ambassador was widely seen as a precursor to the Prada deal. The Prada Group announced a deal Thursday to buy Italy’s Versace from the U.S. luxury group Capri Holdings under terms that value the fashion house at 1.25 billion euros ($1.4 …