Prada agreed to buy Versace for about $1.38 billion in cash, strengthening its position as Italy’s largest fashion group by adding one of the luxury industry’s best-known brands.. The Milan ...

The deal is a big bet on the value of “Made in Italy.” By Vanessa Friedman On Thursday, in the biggest luxury deal of the year, Prada announced it was buying Versace for 1.25 billion euros ($1 ...