As recently as yesterday, it wasn’t clear whether the Prada Group’s acquisition of Versace would actually happen. Trump’s tariffs and the bond market were screwing everything up, obviously, but the Prada family also appeared to be stalling. According to The Wall Street Journal, they hadn’t yet signed the paperwork. I wondered whether the family, which owns an 80 percent controlling stake in the business, had gotten cold feet. After all, they’re purchasing a deeply troubled company that will need a near-complete overhaul—all in the midst of a trade war, a likely global recession, and a faltering Chinese economy. Few would have criticized them for walking away.