Prada Group announced on Tuesday that it has officially purchased its Italian fashion rival Versace in a nearly $1.45-billion (₹13,000 crore) deal. In a one line statement, Prada said the acquisition had been completed after receiving all regulatory clearances. Founded in 1978 by Gianni Versace in Milan, the brand will join the group's two main labels, Prada and Miu Miu.