The New York Times reports that Italian fashion house Prada has announced the purchase of Versace from Capri Holdings.
The deal will cost $1.38 billion. Considering the financial market chaos caused by US President Trump's tough tariff policy, this is a sign of confidence in the continued value of Made in Italy.
The deal is expected to be completed in the second half of this year.
Note that Versace was opened in 2018 by Capri Holdings, which includes Michael Kors and Jimmy Choo.
