EU green lights Prada's bid for Versace

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It is done: Brussels gave its green light to the acquisition of Versace by Prada. The operation, announced in the spring, values the Italian house at 1.25 billion euros. It must give birth to a champion of transalpine luxury, able to compete with the LVMH and Kering mastodontes.

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The Italian luxury fashion manufacturer Prada is allowed to take over the competitor Versace officially.

La Nación, Grupo Nación

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Brussels, Belgium.The European Union (EU) gave its approval on Tuesday to the purchase of the Italian seam house Versace by its compatriot Prada, after concluding that the operation does not raise competition problems.Prada had announced in April the acquisition of Versace for $1,465 million, to the American group Capri Holdings.The union between the two legendary brands will result in an Italian luxury group with a turnover of more than $7,035 …

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The European Commission has authorized the purchase of the Italian fashion firm Versace by the also transalpine Prada after concluding that the operation will not raise competition problems, said that institution on Tuesday.The operation focuses mainly "on the design, manufacture and distribution of luxury goods", the Commission said in a statement.According to Brussels, the notified acquisition will not raise competition problems "given the lim…