Prada reportedly eyeing Versace takeover

Speculation surrounding Versace’s sale is continuing to mount. It is now believed that Italian luxury giant Prada is eyeing a takeover of the brand. This is according to a report by Italian newspaper Il Sole 24 Ore, which said Prada is looking into the deal with banking firm Citi.

The media outlet suggested that the Miu Miu parent was among a number of potential suitors weighing the acquisition of Versace, which is understood to have been put up for sale by its parent company Capri Holdings.

While this decision has not yet been explicitly confirmed by Capri itself, multiple media platforms have cited industry sources suggesting that the group was working with Barclays to find buyers for both Versace and Jimmy Choo.

The format of the sale has remained unclear, however it has been speculated that Barclays is mulling an auction that would require interested parties to submit offers over multiple rounds. It has further been reported by Reuters that an entire sale of Capri has not been ruled out.

The future of Capri had been thrown into doubt earlier this year after an 8.5 billion dollar merger with Tapestry had been blocked by an antitrust lawsuit by the Federal Trade Commission (FTC). Upon declaration of the decision, Capri shares dropped significantly in value and the merger deal was ultimately terminated.