Prada is reportedly exploring the acquisition of Versace, with Capri Holdings considering the sale of its luxury brands, including Jimmy Choo, as it refocuses on Michael Kors. The potential deal comes ahead of Donatella Versace's contract expiration in February 2025.
Italy's iconic fashion brand Prada is reportedly considering purchasing Versace, which is being sold by Capri Holdings, a US-based global fashion luxury group.
An Italian daily Il Sole 24 Ore has reported that Capri Holdings has allegedly engaged Barclays, a global financial services provider, to explore potential buyers for its Versace and Jimmy Choo brands, while Citi is acting as advisor to Prada.
In mid-December, a fashion magazine Women’s Wear Daily reported that fashion group was working with Barclays to sell off the luxury brands as it “focuses in on the Michael Kors turnaround.” Later, it was updated that Donatella Versace's contract is due to expire in February 2025.
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Vietnamese authorities have confiscated thousands of counterfeit luxury products, including fake Rolex watches and Prada handbags, during a raid at Saigon Square Shopping Mall in Ho Chi Minh City, state media reported Friday.
Italian fashion house Prada has agreed to acquire Versace from Capri Holdings in a $1.375 billion deal, aiming to boost its presence in the global luxury market and revive the iconic but struggling brand.
Donatella Versace is to step down as the main designer for the Versace brand after almost three decades, a move that has fanned talks of a sale of the business to rival Italian fashion house Prada.
An acquisition of Versace by Italian luxury group Prada, opens new tab would create a company with a broader base that is more resistant to business cycles, but reviving the targeted brand could take years and hit short-term profits.
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