Shares of Capri Holdings (CPRI.US) are up nearly 5.5% pre-market open after Prada agreed to acquire Versace for $1.375 billion, the company’s enterprise value. Prada is turning a new leaf in combining two of Italy’s biggest fashion brands to compete with French houses.
It’s worth recalling that Versace has been losing money and struggling for some time now. Recently, former creative director Donatella Versace decided to step down, signaling a big shakeup at the company.
“Our goal is to continue the Versace legacy, celebrating and reinterpreting its bold and timeless aesthetic,” Prada CEO Patrizio Bertelli said.
The price Prada agreed to pay for Versace is a big discount to the roughly $2.15 billion, including debt, that Capri paid for Versace in 2018.
The company's shares are in a long-term downtrend. However, the company's shares are gaining as much as 5.5% before the session. Source: xStation
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