Fashion conglomerate Capri Holdings (CPRI) has agreed to sell Italian luxury brand Versace to Prada for almost $1.4 billion, a deal that had been anticipated but reportedly had been at risk of collapsing because of market turmoil in the wake of 澳洲幸运5官方开奖结果体彩网:President Donald Trump's tariffs.

Shares of Capri, the parent of the Michael Kors and Jimmy Choo brands, had 澳洲幸运5官方开奖结果体彩网:soared last week on a Bloomberg report that Prada agreed to pay nearly 1.5 billion euros ($1.6 billion) for the luxury clothier launched by Gianni Versace in 1978.

Capri said Thursday that Prada has agreed to pay $1.375 billion in cash,⛦ and that the deal is expected to close in the second half of calendar 2025.

The Wall Street Journal had reported Wednesday that the deal's fate "was uncertain because Prada's namesake family still hadn't given its final approval." That approval came Thursday morning, the WSJ later reported, citing people familiar with the matter.

Capri shares dropped nearly 11% to $14.65 in early trading Thursday. They were trading at more than $40 until a federal judge blocked its $8.5 billion acquisition by Coach owner Tapestry (TPR).