Prada will become the new owners of the Versace brand, under a €1.25 billion (A$2.2 billion) deal.
Versace has recently struggled both financially and in keeping up with the larger luxury fashion houses. Before the sale, Versace was owned by Capri Holdings, which also holds brands including Michael Kors and Jimmy Choo.
In March, Donatella Versace stepped down as the brand’s creative director and was replaced by Dario Vitale, who previously worked for the Prada Group. This marked the first time in 47 years that Versace was not led by a family member.
