The European Commission has approved Prada's takeover of Versace. The €1.25 billion arrangement struck in April by the Patrizio Bertelli-Miuccia Prada group and the American corporation Capri Holdings, which owns the Medusa fashion house, has finally been recognized. The transaction is for the design, production, and distribution of premium goods, in which both companies have earned significant international reputations. In an official statement, the European Commission noted that "the transaction would not raise competition concerns, given the companies' limited market positions resulting from the proposed transaction." Versace's revenue for the fiscal year 2024-25, which ended March 29, dropped to $821 million (roughly €700 million), compared to $1,030 million in 2023-24 and $1,106 million in 2022-23. Prada Group would thus reach revenues of less than €5.5 billion, about one-eighth of French rival LVMH. The first collection designed for Versace by Dario Vitale, who was appointed creative director on March 13, a month prior to the acquisition by the Prada group, was launched in Milan a few days ago. Vitale has previously worked in the Miu Miu design office for years.