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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 US 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 Holdings 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.
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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 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.
By Elisa Anzolin, Giselda Vagnoni and Mark Potter.
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Report: Prada Evaluates Possible Versace Bid
Prada is reviewing Versace’s financials as it considers a potential acquisition of the Italian fashion brand from Capri Holdings Ltd., sources told Bloomberg.
