Prada's plan to acquire Versace from Capri Holdings is at risk of collapsing, The Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The deal, valued at $1.4 billion, could be announced at any moment, with expectations that it might occur on Thursday. However, the Versace family has not yet approved the agreement. There is speculation that the chances of the deal being finalized are about 50-50.

The uncertainty comes as global markets reel from escalating trade tensions, with sweeping US tariffs triggering retaliatory moves from China and the EU.