Prada edging closer to €1.5bn deal to buy Versace - report

(Sharecast News) - Prada is reportedly edging closer to a deal to buy Versace from Capri Holdings after agreeing to a price of nearly €1.5bn. Bloomberg cited people familiar with the matter as saying that Milan-based Prada and Capri could finalise a deal for the Italian luxury clothing firm this month. Talks are progressing after initial due diligence didn't find any risks, the people said.

The sources also said the timing and valuation could change and negotiations could still fall apart. Capri, which bought Versace in 2018 for about €1.8bn, didn't immediately respond to Bloomberg requests for comment on Sunday. Prada declined to comment.

In February, Bloomberg reported that Prada spent weeks evaluating Versace with its advisers, gaining exclusive access to financial and sales figures.