Prada has just agreed to buy Versace for $1.38 billion, weeks after Donatella Versace, the original owner, stepped down.

Donatella Versace, who held the role of Versace’s chief creative officer for nearly 30 years, stepped down last month.

The Prada Group has announced that it has bought its smaller rival, Versace. Prada acquired the Italian fashion house from Capri Holdings (who also own Jimmy Choo and Michael Kors) for €1.25 billion pending approval,