After confirming the acquisition of Versace for 1.25bn Euros, Prada’s decision was both a business transaction as much as a symbolic repatriation of Italian heritage. As the dominance of French conglomerates LVMH and Kering has become the established order in luxury fashion-owning Italian crown jewels from Fendi to Gucci- the Prada Group’s countermove suggest a recalibration of power within the luxury industry. The acquisition returns Versace to Italian ownership after its underwhelming chapter under American parent Capri Holdings, which paid 1.89bn Euros in 2019 but failed to realize its ambitious 2bn dollar revenue target. The substantial discount secured by Prada…