Prada nearing $1.6 billion worth Versace acquisition: Reports

New Delhi: Prada is in discussions to buy Versace from Capri Holdings for nearly $1.6 billion, a Bloomberg report stated. 

The report, citing unnamed sources, added that talks are progressing after initial due diligence didn’t find any risks.

The timing and valuation could change, and discussions could still fall apart, as per the unnamed sources. 

Capri bought Versace in 2018 for approximately 1.8 euros. Capri did not agree to comment immediately, while Prada has abstained from commenting entirely over the matter.

As per another Bloomberg report, citing unnamed sources, Prada came to the decision only after spending weeks evaluating the company with its advisors. It also had exclusive access to its financial and sales figures.