Versace is changing hands after Capri Holdings and Prada Group agreed a $1.375 deal, which will see the luxury label join after Capri's collapsed merger with Tapestry.

Capri Holdings Limited (NYSE: CPRI), a global fashion luxury group, today announced that it has entered into a definitive agreement to sell Versace to Prada S.p.A. (HKSE: 1913) for $1.375 billion in cash subject to certain adjustments.

Jimmy Choo was put on the market alongside of Versace and sources said Capri pushed bidders to make offers on both as a package deal, wanting to clean house all at once. (Capri didn’t acknowledge a sale process even existed until the deal with Prada was announced.)