By Adriano Marchese
Capri Holdings shares rose Thursday morning after the company struck a deal to sell the Versace brand to Prada for $1.4 billion.
Shares traded 1.4% higher at $16.59.
The Wall Street Journal first reported Wednesday that the deal's completion wasn't confirmed because Prada's namesake family still hadn't given its final approval.
That approval came early Thursday morning, according to people familiar with the matter.
In 2018, Capri, which houses luxury brands Michael Kors and Jimmy Choo, struck a $2.1 billion deal for the Versace as it looked to create a global luxury fashion group, but the brand failed to generate the performance the company had hoped.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 10, 2025 09:41 ET (13:41 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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