Five things to know about Versace

Italian fashion giant Versace, the long-held family business known for its flashy, sexy designs and Medusa head logo, will now become part of Prada, its larger rival and polar opposite in terms of style.

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The acquisition aims to breathe new life into Versace, whose highs and lows have included the 1997 murder of its founder, Gianni Versace, and the stewardship of the brand's legacy by his sister, Donatella.

Here are five things to know about the Milan-based luxury brand:

Gianni Versace, stylist of stars

Born in Calabria, southern Italy, to a dressmaker mother, Gianni Versace began designing clothes at a young age and moved to fashion capital Milan when he was 25.

In 1978, he presented his first signature collection, with his brother Santo taking care of the label's business arm.

"He was a 360-degree creator, a real artist, he had a pure creative vision on colours and materials," says Stefania Saviolo, director of the luxury and fashion center at Bocconi University.

Versace wowed the showbiz world, dressing A-listers from Madonna to Elton John and getting 1980s supermodels like Claudia Schiffer, Naomi Campbell and Cindy Crawford to strut their stuff down the catwalk for him.

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