Versace

The Prada Group said Dec. 2 it completed its $1.375 billion cash acquisition of Milan fashion house Versace after receiving all regulatory clearances, buying it from U.S.-based Capri Holdings. Capri said it will use the proceeds to pay down debt, while Prada heir Lorenzo Bertelli will serve as Versace executive chairman as the brand pursues a relaunch under designer Dario Vitale.