For the last few weeks, the haute couture grapevine has been buzzing with whispers of Prada Group acquiring Versace. V can tell you, the rumors are true. The Group, which owns Prada (of course), Miu Miu, Church’s, and even the historic Milanese bakery, and grandfather of Panettone, Pasticceria Marchesi, has confirmed its acquisition of Versace from Capri Holdings for a whopping 1.25 billion euros.

Courtesy of Prada Group

The sale comes mere weeks after it was announced that Donatella Versace would be stepping down as creative director of the luxury Italian label. Following the death of her brother, founder Gianni, in 1997, Donatella led the brand for nearly 30 years, giving us a slew of brazen and theatrical designs (long live JLo’s plunging Versace jungle dress for the Y2K Grammys).

Courtesy of Prada Group

Fear not, Donatella is far too enmeshed in Versace’s M.O. to cut and run. While Dario Vitale — former design director of Miu Miu — inherits the role of Versace’s creative director, the designer and businesswoman will stay on as a brand ambassador for Versace in the years to come.