The $1.38bn (£1.04bn) deal between the two Italian fashion giants is well below the roughly $2bn Versace was sold for in 2018.
The Italian designer was hugely influential in the fashion world until his murder in 1997.
Versace took over the Italian fashion house after her brother's untimely death and made it her own.
Versace is facing a creative shift as Prada looks to potentially buy the Italian fashion house.
It took several people to hold the elevator doors open to allow the fashion designer a tight escape.
