Prada will officially buy Versace. On April 10, Prada Group announced plans to purchase the Italian fashion house for $1.375 billion from Capri Holdings, adding the Gianni Versace-founded line to its group of luxury brands.

The price Prada has agreed to pay is a big discount to the roughly $2.15 billion including debt that US-based Capri, then known as Michael Kors, paid for Versace in 2018 when it was sold by the Versace family and Blackstone.

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