Italian luxury group Prada is reportedly moving closer to a deal to buy high-end Versace from fashion group Capri Holdings after agreeing to a price of nearly 1.5 billion euros ($1.6 billion), Bloomberg News said on Sunday.
Prada and Capri – also the owner of brands including Jimmy Choo and Michael Kors – could finalize a deal for Versace in March, the report said, citing unnamed sources.
Talks between the two companies are progressing after initial due diligence did not show any risks, Bloomberg reported, 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.
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.
