Sabrina Escobar
Capri Holdings stock jumped Monday morning following a report that the company was nearing a sale of brand Versace to Italian luxury conglomerate Prada.
Shares of Capri were 8.3% higher at $23.80 in premarket trading Monday. Futures tracking the S&P 500 were up 0.4%. Prada shares, which are listed on the Hong Kong stock exchange, rose 3.5%.
Prada has agreed to pay Capri as much as EUR1.5 billion, or $1.6 billion, to acquire Italian-founded Versace, Bloomberg reported Sunday citing people familiar with the matter.
Capri acquired Versace for about $2.12 billion in 2018.
The deal could be finalized this month, but the timing and valuation could still change, or negotiations could fall apart, according to the report.
Capri and Prada didn't immediately respond to Barron's requests for comment.
Write to Sabrina Escobar at sabrina.escobar@barrons.com
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(END) Dow Jones Newswires
March 03, 2025 09:25 ET (14:25 GMT)
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