The fashion giant Prada is set to acquire Versace for 1.38 billion euros. In negotiations with Capri Holdings, the luxury fashion house Prada reached an agreement to purchase Versace for 1.38 billion dollars in cash. The Milan-based company is expected to complete the acquisition of Versace in the second half of this year. Prada also owns brands like Jimmy Choo and Michael Kors. Capri Holdings had acquired Versace in 2018 for 1.83 billion euros. Miuccia Prada, the owner of the Italian company, had previously revealed that several fashion companies had shown interest in potentially acquiring Versace.