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
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 03, 2025 09:25 ET (14:25 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.