By Sabela Ojea
Shares of Capri Holdings rose Wednesday after The Wall Street Journal reported that talks to sell its Versace brand to Prada are at risk of collapsing amid a market in turmoil.
The stock was up 5.5% to $13.16 around midday. Shares of the New York fashion conglomerate have fallen about 70% over the past 12 months.
Prada has a tentative deal to acquire Versace from Capri for roughly $1.4 billion, which could be announced as soon as Thursday morning, the Journal reported, citing people familiar with the matter. But Versace's namesake family still have yet to sign off on the agreement, the people added.
As of Wednesday morning, the likelihood of a deal was still 50-50, the Journal reported, citing one of the sources.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
April 09, 2025 12:05 ET (16:05 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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