MILAN (Reuters) – Italy’s Prada (OTC:) is contemplating shopping for style group Versace from U.S. Capri Holdings (NYSE:), every day Il Sole 24 ore reported on Friday.
Citi is performing as adviser to Prada, the report stated, including Capri Holdings had mandated Barclay’s to search out potential consumers.
The Italian monetary every day added that different style teams, in addition to personal fairness funds, would even be desirous about Versace, however {that a} worth for the Italian maison was nonetheless being mentioned. It stated Prada didn’t touch upon the report.
Final month, commerce journal Girls’s Put on Every day had reported that the U.S luxurious conglomerate, which additionally owns Michael Kors and different style teams, was working to search out consumers for a few of its manufacturers, together with Versace and luxurious shoemaker Jimmy Choo, as a way to give attention to a turnaround plan for Kors.
In November, Capri posted a bigger-than-expected drop in quarterly income, damage by execution missteps throughout manufacturers and a world slowdown in luxurious items demand.
