Simplify the following text for a Grade 2 native English-speaking person.
Original: A joint venture between Prada and the De Rigo group was also formed that year to produce Prada eyewear . In October 1999 , Prada joined with LVMH and beat Gucci to buy a 51 % stake in the Rome-based Fendi S.p.A. Prada 's share of the purchase ( 25.5 % ) was worth US$ 241.5 million out of the reported US$ 520 million total paid by both Prada and LVMH .
Simplified: Prada could not help Fendi , so it sold it to LVMH .