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Prada buying rival fashion brand Versace in $1.36bn deal

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Prada to buy rival fashion brand Versace for $ 1.36bn ( 1.06bn ) Deal to unite two of the biggest designer fashion labels.

The Prada Group already owns Miu Miu and luxury footwear brand Church 's.

Versace has been operating at a loss amid a slowdown in demand for luxury fashion worldwide.