Prada wants to buy Versace – level 3
16-01-2025 07:00
Prada is considering acquiring Versace, a luxury fashion brand currently owned by Capri Holdings.
According to sources, this potential acquisition is being evaluated with the help of Citi. Capri Holdings, which also owns Michael Kors and Jimmy Choo, has faced declining sales due to weaker global demand, especially from wealthy Chinese consumers, and the end of a luxury market boom.
In November, Tapestry, the owner of Coach, ended its 8.5-billion-dollar deal to purchase Capri, leaving the company to look for other options. Barclays has been hired to check possibilities, including selling Versace or Jimmy Choo.
Analysts are skeptical about Prada’s ability to acquire Versace because of its financial situation. Also, firms and rival luxury groups are interested. While Prada and Capri refused to comment, sources say the entire Capri group might also be sold. The Italian newspaper Il Sole 24 Ore reported Prada’s interest in collaboration with Citi.
Difficult words: acquire (to buy or obtain something), acquisition (the act of buying or obtaining something), skeptical (having doubts, not easily convinced).
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What are some of the challenges facing Prada's potential acquisition of Versace, as mentioned in the text?
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