The Prada Group has completed its €1.25 billion ($1.4 billion) acquisition of Milan fashion house Versace, bringing the brand under the same umbrella as Prada and Miu Miu.

Lorenzo Bertelli, Prada heir, will serve as Versace’s executive chairman while maintaining his roles as Prada Group marketing director and sustainability chief.

Versace, ranked among the world’s top 10 most recognized fashion brands, had been underperforming under Capri Holdings, which bought it in 2018 for $2 billion.

The brand is currently undergoing a creative relaunch under designer Dario Vitale, who debuted his first collection at Milan Fashion Week in September, NBC News has reported.

Analysts project that Versace will account for 13% of Prada Group’s pro-forma revenues, with Prada at 64% and Miu Miu at 22%.