The Italian giant has agreed on a price, and discussions are expected to continue towards finalising the deal by the end of this month.
After weeks of evaluating Donatella Versace’s fashion house, the Prada Group is moving closer to acquiring Versace from its current owner, Capri Holdings Ltd. According to sources close to the process, Prada has agreed on a price close to $1.6 billion.
Negotiations have progressed after no major risks were identified during due diligence, according to the same sources. Prada and Capri could finalise the deal in the coming days, although nothing has been confirmed officially yet. “Timing and valuation could still change, and the talks could still fall through,” said the sources.
At the end of February, reports emerged that the Prada Group had begun a thorough review of Versace to assess the possibility of making a bid for the brand. According to the Italian site ‘The Platform‘, Prada signed an exclusive agreement to carry out due diligence, although there is no guarantee that a formal offer will be made. Prada’s potential acquisition would also mark an important step in returning Versace to Italian control within a family-owned conglomerate.
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