Prada eyes to buy Versace – report

Investing.com — Italy’s luxury fashion house Prada (OTC:) is reportedly among the interested parties evaluating a potential acquisition of Versace, the fashion group currently owned by Capri Holdings (NYSE:), as reported by Italian newspaper, Il Sole 24 Ore, on Friday.

This comes after the collapse of an $8.5 billion merger between Coach ‘s parent company, Tapestry (NYSE:), and Capri Holdings in November. 

After the deal to form a U.S.-based luxury conglomerate failed, Capri executives indicated they were open to exploring strategic options for their brands.

Barclays (LON:) has been appointed by Capri to assess possibilities, including the possible sale of Versace and Jimmy Choo brands, Reuters reported citing two people with direct knowledge of the matter. 

One source suggested that Capri Holdings as a whole might also be available for purchase.

The Italian newspaper said that Prada is working with Citi to analyze the opportunity. Citi previously collaborated with Prada on a dual-listing project, which was later postponed.

Versace, established in 1978 in Milan by the late designer Gianni Versace and now creatively helmed by his sister Donatella, is renowned for its lavish, eye-catching designs and signature Medusa emblem.