“Versace brand up for sale: Prominent potential buyer Capri Holdings is looking for a buyer for its luxury brand Versace due to falling sales. The Italian fashion house Prada is considered as a potential buyer, the estimated value of the deal is up to $2.19 billion.”, — write on: unn.ua
Details
According to Reuters, Capri Holdings is struggling due to falling sales in the $400 billion global luxury sector. Confidence in the segment has been shaken by spending cuts by wealthy Chinese and the end of a long period of booming sales.
In November, Tapestry, which owns the Coach brand, pulled 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 failed, 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 selling its Versace and Jimmy Choo brands, two people with direct knowledge of the matter told Reuters.
One source said the entire Capri Holdings group could also be put up for sale.
According to Bernstein analysts, the value of Versace is between $1.75 billion and $2.19 billion, excluding debt.
Italian fashion house Prada is said to be among potential buyers and is currently working with international bank Citi to evaluate any offer.
We will remind
High-end fashion brands and retailers are considering accepting cryptocurrency as a means of payment. French department store Printemps has already announced a partnership with Binance to implement crypto-payments.