Luxury fashion giant Prada is set to acquire Versace for 1.38 billion euros. The deal was reached during negotiations between Prada and Capri Holdings. According to the agreement, Prada will purchase Versace for 1.38 billion dollars in cash. The Milan-based company is expected to complete the takeover of Versace in the second half of this year. Prada also owns brands like Jimmy Choo and Michael Kors. Capri Holdings had acquired Versace for 1.83 billion euros in 2018. Miuccia Prada, the owner of the Italian company, had previously stated that several fashion companies had shown interest in potentially acquiring Versace.