EU approves Prada's bid for Versace

The EU on Tuesday cleared Italian fashion label Prada's 1.25-billion-euro ($1.5-billion) purchase of rival Versace after finding the acquisition raised no competition concerns.

The bid comes after Donatella Versace ended nearly 30 years as creative director of Versace.

The European Commission said it concluded the purchase "would not raise competition concerns, given the companies' limited market positions resulting from the proposed transaction".

Prada, home also to the youthful Miu Miu line, has said its Versace acquisition would close in the second half of 2025.