In a 1.25 billion euro cash transaction, the Prada Group has acquired the Versace fashion brand from Capri Holding, a U.S. luxury group. Capri Holding, which also owns Michael Kors and Jimmy Choo, had purchased Versace for $2 billion in 2018. However, it faced challenges in aligning Versace's bold style and patterns with the market trend of understated luxury.