​Can you mix Prada with Versace, or is that a fashion faux pas? One iconic Italian fashion brand is buying another — the Prada Group announced this week that it’s buying the luxury design house Versace from fashion group Capri Holdings for about $1.4 billion.

The Prada Group announced a deal Thursday to buy Italy's Versace from the U.S. luxury group Capri Holdings under terms that value the fashion house at 1.25 billion euros ($1.4 billion). Prada said the addition of Versace's "highly recognizable aesthetic

Speculation is swirling ahead of the reported 10 April acquisition announcement, as tariff turmoil has thrown global markets into disarray.