Luxury fashion brand Versace may be sold to Italian company Prada, boosting Capri Holdings’ stock. The deal would return the iconic brand to Italian ownership after it was acquired by Michael Kors in 2018. According to a report from Bloomberg, Capri is close to selling Versace for $1.6 billion. This move comes as the Versace brand has been struggling, and an Italian family-owned company taking over could be a positive sign for investors. The deal would give Prada access to Versace’s brand and portfolio, while also allowing Capri to focus on its other luxury brands.
Source: https://www.marketwatch.com/story/capri-may-sell-struggling-versace-to-prada-thats-boosting-capris-stock-93a70395