MILAN (Reuters) – Luxury fashion group Prada’s CEO Andrea Guerra has flown to New York, a source close to the matter told Reuters, as the group is in talks to buy Capri Holdings-owned Versace in a deal that would unite two of the biggest names in Italian fashion. On his trip to the U.S. financial […]
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Prada’s CEO flies to New York as speculation swirls over Versace bid
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MILAN (Reuters) – Luxury fashion group Prada’s CEO Andrea Guerra has flown to New York, a source close to the matter told Reuters, as the group is in talks to buy Capri Holdings-owned Versace in a deal that would unite two of the biggest names in Italian fashion.
On his trip to the U.S. financial capital, Guerra is accompanied by Lorenzo Bertelli, the son of the group’s leading shareholders Miuccia Prada and Patrizio Bertelli, who is chief marketing officer, the source added.
New York based Capri Holding said on Thursday that Donatella Versace was stepping down as main designer for the Versace brand after almost three decades.
From April 1, Dario Vitale, a designer coming from Miu Miu, a smaller brand within the Prada group, will take over Donatella Versace’s role as chief creative officer of the Medusa head brand.
The move could facilitate a potential acquisition of Versace by Prada, Morningstar analysts said.
Prada and Capri Holdings declined to comment. Reuters wasn’t able to verify whether Guerra’s trip was connected to the talks with Capri Holdings about a potential Versace’s deal.
Earlier this month Prada was said to be close to a deal to buy Versace for a price of nearly 1.5 billion euros ($1.64 billion).
On February 20, a source close to the matter told Reuters that Prada had been given four weeks to conduct its assessment of the financial data of its smaller rival.
Prada has also been reported to be interested in buying Jimmy Choo, another Capri brand.
($1 = 0.9168 euros)
(Reporting by Elisa Anzolin. Writing by Giselda Vagnoni. Editing by Mark Potter)