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Italy's Prada Considering Buying Versace from Capri Holdings

A model wears a creation as part of the Versace Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, Sept. 20, 2024. (AP)
A model wears a creation as part of the Versace Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, Sept. 20, 2024. (AP)
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Italy's Prada Considering Buying Versace from Capri Holdings

A model wears a creation as part of the Versace Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, Sept. 20, 2024. (AP)
A model wears a creation as part of the Versace Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, Sept. 20, 2024. (AP)

Italy's Prada is considering buying fashion group Versace from US Capri Holdings, daily Il Sole 24 ore reported on Friday.
Citi is acting as adviser to Prada, the report said, adding Capri Holdings had mandated Barclay's to find potential buyers.
The Italian financial daily added that other fashion groups, as well as private equity funds, would also be interested in Versace, but that a value for the Italian maison was still being discussed. It said Prada did not comment on the report.
Last month, trade journal Women's Wear Daily had reported that the US luxury conglomerate, which also owns Michael Kors and other fashion groups, was working to find buyers for some of its brands, including Versace and luxury shoemaker Jimmy Choo, in order to focus on a turnaround plan for Kors.
In November, Capri posted a bigger-than-expected drop in quarterly revenue, hurt by execution missteps across brands and a global slowdown in luxury goods demand.

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France's Christian Lacroix Label Heads for Spanish Ownership

Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)
Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)
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France's Christian Lacroix Label Heads for Spanish Ownership

Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)
Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)

The Spanish fashion group Sociedad Textil Lonia (STL) announced Tuesday it had reached an agreement to buy France's Christian Lacroix label, hoping to return the once-mighty brand to its former glory.

The deal to acquire Lacroix from US-based Falic group, which specializes in duty-free retail, was for an undisclosed amount in a "private transaction", STL said.

"By acquiring Maison Lacroix, with its treasure of archives and rich history of French haute couture, STL expands its brand portfolio, strengthening its international presence in the world of high fashion," STL stated in a press release.

"We will do everything we can to ensure that the unique talent of its creator and his invaluable contribution to the world of fashion reach their full potential," the group added.

Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group.

In 2009, following financial difficulties, the brand implemented a court-ordered recovery plan that resulted in around 100 job cuts and the discontinuation of haute couture operations.

Lacroix, now aged 73, left the group in 2010.

Having spent decades dressing celebrities, he turned to working for ballet and opera productions, as well as collaborating with other labels such as Dries Van Noten.

"The Spanish family that owns STL had the elegance to contact me ahead of the official announcement about the acquisition of the Christian Lacroix name and archives," he told Vogue Business on Tuesday. "We will probably meet soon in an informal way."

Founded in Spain in 1997, STL is a fashion company behind Spanish ready-to-wear brand Purificacion Garcia and the label of Venezuelan-American designer Carolina Herrera, employing 2,500 people and operating 600 stores worldwide, according to its website.