In a move that’s sending shockwaves through the fashion world, Prada has officially acquired Versace for $1.38 billion, quite the bargain compared to the $2 billion Capri Holdings paid back in 2018.

This stylish acquisition adds another jewel to Prada’s crown, joining brands like Miu Miu, and sets the stage for a glamorous showdown with fashion giants such as LVMH, the powerhouse behind Dior, Fendi, and Louis Vuitton.

Versace has seen some big changes recently. Donatella Versace, the brand’s iconic creative director for 27 years, stepped down in March, handing the reins to Dario Vitale. Under Capri, the brand experimented with minimalist designs and higher price tags, a move that contributed to a $700 million loss, but now, under Prada, Versace is ready for a fresh chapter.

–ChannelAfrica–