BUZZ-Capri up after report says Prada close to finalizing $1.6 bln deal to buy Versace

Reuters

03-03

BUZZ-Capri up after report says Prada close to finalizing $1.6 bln deal to buy Versace

** Shares of Michael Kors owner Capri Holdings CPRI.N up 9.5% at $24.07 premarket

** Prada 1913.F moving closer to a nearly 1.5 billion euros ($1.6 billion) deal to buy Versace from Capri Holdings, said a Bloomberg News report on Sunday

** Companies could finalize deal in March, report said, citing unnamed sources

** Capri had forecast revenue for this financial year and 2026 below estimates on Feb. 5, after missing Q3 profit estimates by a wide margin, on slowing luxury demand

** CPRI fell 58% in 2024

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))

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