ITALY’S PRADA TO BUY RIVAL VERSACE FOR 1.25 BN EUROS. (PHOTO).

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 Italy’s Prada to buy rival Versace for 1.25 bn euros Italian fashion house Prada announced Thursday that it had reached a deal with US group Capri Holdings to buy Versace for 1.25 billion euros ($1.39 billion). The acquisition will create a luxury group with revenues of over six billion euros that could better compete with industry giants such as the French conglomerates LVMH and Kering amid a slowdown in the sector worldwide. “We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftmanship and heritage,” Prada group chairman and executive director Patrizio Bertelli said in a statement. In 2018, Capri paid €1.83 billion (then $2.1 billion) to acquire Versace, which was previously owned 80 percent by the Versace family and 20 percent by the US investment fund BlackRock. Amid declining sales, it put the Milan-based label up for sale, and began exclusive negotiations with Prada at the en...
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SEE THE REPONSE FROM SOME S. A, PEOPLE AFTER TYLA CONDEMN THE BULLYING OF CHIDIMMA ADETSHINA. (PHOTO).

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 Grammy-winning South African singer Tyla has condemned the bullying of Chidimma Vanessa Onwe Adetshina, a Miss South Africa finalist, who recently pulled out from the contest after she attracted scrutiny over her nationality.


Adetshina, a model of Nigerian and Mozambican heritage, became the centre of a nationality row in July after she qualified for the round of 16 of the Miss South Africa beauty pageant.


She recently withdrew from the competition despite being a Top 11 Finalist, after the South African Department of Home Affairs alleged that her mother may have committed fraud and identity theft.

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