On Thursday, Prada — in a move widely speculated for months — bought Versace for 1.25 billion euros (about $1.4 billion), from Capri Holdings. “We love the brand. We have a lot of ideas,” said Andrea Guerra,

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

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,