By the end of the Paris shows, the fashion industry had collectively decided that the Prada Group—which includes Prada, Miu Miu, Church’s, and, of course, Marchesi 1824—was definitely buying Versace, currently owned by the beleaguered Americans at Capri, for an estimated €1.5 billion. It’s not a worst-case scenario for Capri C.E.O. John Idol, following his failed effort to sell the company and its brands, including Michael Kors and Jimmy Choo, to Tapestry last year. Yes, he arguably overpaid in 2018, when Capri acquired Versace from the family and their investment partner, Blackstone, for about €1.8 billion. At the time, even WWD called the price “aggressive.” But not every big bet pays off, and to be able to get the majority of the investment back—minus the millions invested over the past seven years—isn’t the worst outcome. Anyway, this is where we are, as they say in private equity.