The fashion world is going through changes. 

Less than a month after Donatella Versace—the sister of the brand’s late founder Gianni Versace who took over following his 1997 assasination—stepped down from her role of creative director from the iconic fashion brand, Prada has purchased it for a whopping $1.4 billion. 

The Prada Group, which includes Prada and its offshoot brand Miu Miu as well as other subsidiaries in food and fashion, announced the momentous sale in a statement released April 10, saying, per the Associated Press that Versace’s “highly recognizable aesthetic,” will make a “strongly complementary addition” to Prada’s portfolio. 

Prada, which is helmed by Miuccia Prada—the daughter of founder Mario Prada—noted that Versace offers a segue into previously “untapped growth potential” for the brand.”

“Versace will maintain its creative DNA and cultural authenticity,” the statement from Prada continued, “while benefiting from the full strength of the Group’s considerable consolidated platform, including industrial capabilities, retail execution and operational expertise.”