Versace is changing hands after Capri Holdings and Prada Group agreed a $1.375 deal, which will see the luxury label join after Capri's collapsed merger with Tapestry.

Capri (CPRI) said Thursday that it will sell Versace to Italian luxury company Prada for about $1.38 billion in cash as it looks to accelerate investments in Michael Kors. Prada separately said the deal's cash consideration,

Fashion conglomerate Capri Holdings (CPRI) has agreed to sell Italian luxury brand Versace to Prada for almost $1.4 billion, a deal that had been anticipated but reportedly had been at risk of collapsing because of market turmoil in the wake of President Donald Trump's tariffs.