Prada is considering the purchase of Versace, a brand put up for sale by Capri Holdings, following the collapse of an 8.5 billion dollar merger, according to Italian media, Reuters writes.
Prada, the famous Italian fashion house, is one of the potential buyers interested in Versace, a brand that Capri Holdings recently put up for sale, informs the Italian daily Il Sole 24 Ore.
Capri Holdings, which also owns the Jimmy Choo and Michael Kors brands, has hired Barclays to explore strategic options, including selling some assets.
Versace, founded in Milan in 1978 by Gianni Versace
The decision comes after Tapestry, the owner of Coach, walked away from an $8.5 billion deal in November that would have created a U.S. luxury conglomerate.
The report suggests Prada is looking at the opportunity with Citi, a partner it previously worked with on a now-suspended dual listing project.
Versace, founded in Milan in 1978 by Gianni Versace and now run by his sister Donatella, is known for its opulent style and “eye-catching” Medusa prints.
In the fiscal year ending March 30, 2024, Versace generated $1 billion in revenue, representing a fifth of Capri Holdings’ total revenue.
Prada, for its part, posted an 18 percent increase in sales in the third quarter, defying the overall decline in the luxury industry.
Source: www.descopera.ro
