Prada wants to buy Versace – level 2

16-01-2025 07:00

Prada is considering buying Versace, a fashion brand owned by Capri Holdings.

The company is working with Citi to decide if they should make an offer. Capri also owns Michael Kors and Jimmy Choo, but the company has problems with falling sales. Rich Chinese buyers spend less, and the global luxury market is weaker.

Last year, Tapestry, the owner of Coach, canceled a big 8.5-billion-dollar deal to buy Capri. Now, Capri hired Barclays to look at selling its brands, including Versace and Jimmy Choo. Analysts think it may be hard for Prada to buy Versace. Other companies are also interested in buying Versace. Neither Prada nor Capri commented on the reports.

Difficult words: fashion brand (a company which makes and sells clothes, shoes, and other things), sale (selling something), luxury market (buying or selling expensive and high-quality things).

You can watch the original video in the Level 3 section.

Who are some of the other brands owned by Capri Holdings and what financial issues is the company currently facing?

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