Luxury fashion group Prada's CEO Andrea Guerra has flown to New York, a source close to the matter told Reuters, as the group is in talks to buy Capri Holdings-owned Versace in a deal that would unite two of the biggest names in Italian fashion.

Capri Holdings, owner of the Versace, Jimmy Choo and Michael Kors brands, has revealed that Donatella Versace will take on the role of brand ambassador from 1 April 2025. She will step down from her position as chief designer of the Versace label,

Donatella Versace will step away from her role as chief creative officer and move into the position of chief brand ambassador, said Capri Holdings.