Italian luxury giant Prada reportedly eyeing takeover of Versace

Image Courtesy: www.mallatmillenia.com

Versace, a fashion group that Capri Holdings has put up for sale, is being eyed by several buyers, including the Italian luxury brand Prada, said a local media report.

In November, Tapestry, who owns Coach, backed out of a US $ 8.5 billion offer to purchase Capri, who owns Michael Kors.

Executives at Capri did not rule out the prospect of selling its brands after the proposal to establish a premium conglomerate in the US fell through.

Two persons with intimate knowledge of the situation have reportedly stated that Capri recruited Barclays to examine strategic options, such as the sale of its Versace and Jimmy Choo brands. The whole Capri Holdings group might possibly be for sale, according to one source.

The report stated that Prada is examining the case with Citi. A dual-listing concept that Citi and Prada had previously engaged on was shelved.

In the fiscal year ending 30th March 2024, Versace generated US $ 1 billion of Capri’s US $ 5.2 billion in revenue, or a fifth of the group’s total, compared to US $ 5.6 billion the previous year.

Capri’s quarterly revenue fell more than anticipated in November due to poor execution and a global decline in demand for premium products.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}