Prada, the Italian luxury fashion house, is in talks to acquire Versace from Capri Holdings. 

According to media reports, the Milan-based luxury brand and Capri would be closing the deal at around USD 1.6 billion. 

A report by Bloomberg stated that the deal is progressing and the time and the deal value could change as discussions continue. 

Capri Holdings bought Versace in 2018 for 1.83 billion euros. The global fashion luxury group also owns Michael Kors and Jimmy Choo.