The Versace brand is up for sale: a potential buyer is known

Capri Holdings, which owns such well-known luxury brands as Michael Kors and Jimmy Choo, has put up for sale its subsidiary and fashion house Versace. This was reported by the international news agency Reuters, according to UNN.

Details

According to Reuters, Capri Holdings is struggling due to a drop in sales in the $400 billion global luxury sector. Confidence in this segment has been shaken by spending cuts by wealthy Chinese and the end of a long sales boom.

In November, Tapestry, which owns the Coach brand, backed out of an $8.5 billion deal to buy Capri Holdings, which also owns the Michael Kors and Jimmy Choo brands

After this deal to create an American luxury conglomerate fell through, Capri Holdings’ management did not rule out the possibility of potential sales of its brands.

Capri Holdings has hired Barclays to analyze strategic options, including the sale of its Versace and Jimmy Choo brands, two people with direct knowledge of the matter told Reuters.

One source said that the entire Capri Holdings group could also be put up for sale.

Bernstein analysts estimate Versace’s value at $1.75 billion  to $2.19 billion, excluding debt

It is noted that the Italian fashion house Prada is among the potential buyers and is currently working with the international bank Citi to evaluate any offer. 

Recall

Elite fashion brands and retailers are considering the possibility of accepting cryptocurrency as a means of payment. The French department store Printemps has already announced its cooperation with Binance to introduce crypto payments.