Bloomberg: Prada Close to Buying Versace for $1.6bn

Emmanuel Addeh in Abuja

Italian luxury group, Prada,  is moving closer to a deal to buy Versace from upmarket fashion group Capri Holdings  after agreeing to a price of nearly 1.5 billion euros or $1.6 billion, Bloomberg News reported yesterday.

Prada and Capri – also owner of brands including Jimmy Choo and Michael Kors – could finalise a deal for Versace in March, the report quoted by Reuters said, citing unnamed sources.

Talks between the two companies are progressing after initial due diligence did not show any risks, the report said, adding that the timing and deal value could change and discussions could still fall apart.
Prada declined to comment and Capri did not immediately respond to a request for comment outside regular business hours, the report added.

Numerous fashion companies are potentially interested in buying Versace, Miuccia Prada, owner of the Italian luxury group that bears her name, said last week.
In February, Reuters reported exclusively that the Italian luxury group was given preferential access, ahead of other potential suitors, to the financial data of Versace, after Capri Holdings put it up for sale.

Capri Holdings bought Versace in 2018 for 1.83 billion euros including debt.