PARIS: Prada SpA is moving closer to a deal to buy Versace from Capri Holdings Ltd after agreeing to a price of nearly €1.5bil (US$1.6bil).
According to people familiar with the matter, the Milan-based company and Capri could finalise a deal for the Italian luxury clothier this month.
Talks are progressing after initial due diligence didn’t find any risks, said the people, asking not to be identified because discussions are private.
The timing and valuation could change, and discussions could still fall apart, the people added.
Capri, which bought Versace in 2018 for about €.8bil, didn’t immediately respond to requests for comment. Prada declined to comment.
A potential acquisition of the fashion house founded by the late designer Gianni Versace in 1978 would allow Prada to create a larger Italian player to better compete with global luxury groups such as LVMH and Kering SA. — Bloomberg
