MILAN (Reuters) – Italy’s Prada ( OTC: ) is considering buying fashion group Versace from U.S. Capri Holdings ( NYSE: ), Il Sole 24 ore daily reported on Friday.
Citi is acting as an adviser to Prada, the report said, adding that Capri Holdings has authorized Barclay’s to find potential buyers.
The Italian financial daily adds that other fashion groups, as well as private capital funds, would be interested in Versace, but that the value of the Italian house is still being discussed. Prada is said to have had no comment on the report.
Last month, trade magazine Women’s Wear Daily reported that the US luxury conglomerate, which also owns Michael Kors and other fashion groups, was working to find buyers for some of its brands, including Versace and luxury shoemaker Jimmy Choo, to focus on a turnaround plan. for Kors.
Capri posted a bigger-than-expected drop in quarterly revenue in November, hurt by brand execution missteps and a global slowdown in luxury demand.
