The Prada Group has agreed to buy rival Versace from the U.S. luxury group Capri Holdings in a deal valuing the Milan fashion house at 1.25 billion euros ($1.4 billion.

Donatella Versace has been replaced as creative director of the fashion house founded by her late brother Gianni Versace.

The Prada Group has posted double-digit growth for the fourth consecutive year, bucking the luxury sector slide amid talk of a possible Versace acquisition.

Tapestry, parent company of luxury handbag and accessories retailer Coach, is buying the owner of fashion brands including Michael Kors, Versace and Jimmy Choo, Capri Holdings.

President Joe Biden is picking up the pace of his high-dollar fundraisers for Democratic candidates and party committees in the closing weeks before Election Day in November.

Travelers push their luggage at the departure terminal of the Rafik Hariri International Airport in Beirut, Lebanon, Wednesday, July 1, 2020. Capri has 98% of its stores open in the Asia and EMEA regions. EgyptAir said around 2,000 passengers left the Cairo international airport on 14 international flights, the first regular flights since the coronavirus outbreak. International travelers have been able to fly into Greece since June 15, but only to Athens or Thessaloniki. United plans to fly 52% of its year-ago domestic schedule in August, but only 25% of its previous international flights.