By Jye Marshall
Prada will become the new owners of the Versace brand, under a €1.25 billion deal.
Versace has recently struggled both financially and in keeping up with the larger luxury fashion houses. Before the sale, Versace was owned by Capri Holdings, which also holds brands including Michael Kors and Jimmy Choo.
In March, Donatella Versace stepped down as the brand’s creative director and was replaced by Dario Vitale,
