But Miuccia Prada, the owner of Prada and creative director of sister brand Miu Miu, is confident she won’t be the only one. 

“Versace is on everyone’s table,” Prada told journalists on Thursday. “I don’t know how it will end.”

Prada is reportedly working with advisers on putting in a bid for Versace, Bloomberg reported. The company has received access to Versace’s financials as speculation about the acquisition continues. 

Absorbing Versace into the Prada universe could be enormous for the luxury industry. It’ll also be a different challenge for Hong Kong-listed Prada. 

While the company has been experiencing a growth streak, defying the broader luxury slump, Versace has been trailing far behind.

The Italian brand, recognized for its bold designs and Medusa emblem, was family-owned until Capri purchased it in 2018. While it saw a growth spurt initially, sales have since tanked. Revenues declined 15% in the third quarter of its current fiscal year, driven by a sharp drop in the Americas. 

Over the last few years, Versace’s problems have continued to grow—the brand has hiked prices at a time when luxury shoppers have been skittish with spending, and it hasn’t attracted elite buyers like it once did. 

Versace owner Capri Holdings has been in talks with Barclays to explore ways to rid of the Italian label, according to Reuters. Rumblings of the sale come just months after an $8.5 billion deal with Tapestry, the company behind Coach and Kate Spade, went awry. 

If Tapestry had successfully acquired Capri last year, it would have created an American luxury juggernaut with a slew of affordable luxury labels. It would also have helped fix Capri’s financial troubles as it struggles to reinvigorate its brands. 

Earlier this month, the New York-listed Capri said it expects fiscal year 2025’s revenue to be $4.4 billion, lower than the average analyst estimate of $4.5 billion. CEO John Idol said the Capri’s performance would be better next year onwards, although analysts aren’t sure the company’s trajectory could change without a management reshuffle. 

“With a merger now firmly off the table, Capri’s management needs to stop treading water and start fixing the issues so that they can get back into growth,” GlobalData managing director Neil Saunders wrote in a note.

Capri’s shares have fallen 53% in the last year, while Prada’s shares are up 21%. In February, S&P Global Ratings downgraded the company to junk.

Although Versace has had its fair share of troubles recently, its purchase by Prada would mark an Italian homecoming. Versace could also use some of Prada’s magic, given its recent track record of unprecedented growth from Miu Miu’s popularity. Miuccia Prada has been the anchor steering the brand her grandfather founded to new highs.

The deal would need to find creative ways to address some distinctions, such as Versace’s forté in fashion apparel compared to Prada’s in leather goods. 

Under CEO Andrea Guerra, the first non-family chief at Prada, the company has opened more stores, hosted stunning shows, and become part of a broader cultural moment.

In May, when asked if Prada was in the market to buy new brands, Guerra denied it as the company wanted to focus on its growth. However, he said he foresees more consolidation within the luxury sector and is committed to investing in its home turf of Italy.

Representatives at Prada and Capri Holdings didn’t immediately return Fortune’s request for comment.