عربي English Türkçe اردو فارسى
Logo
Latest News
Fashion

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)
TT
TT

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.

Most Viewed

 
 
Fashion

Italian Shoemaker Geox to Invest $125 Million in 5-year Plan

FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo
FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo
TT
TT

Italian Shoemaker Geox to Invest $125 Million in 5-year Plan

FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo
FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo

Italian shoemaker Geox plans to invest about 120 million euros ($125 million) as part of an industrial plan to 2029 and has signed a five-year deal with a leading Chinese operator to expand its presence in the country.

The maker of breathable, waterproof footwear said in November it would end direct operations in the unprofitable Chinese and US markets after posting a 9.7% yearly drop in nine-month revenue globally, Reuters reported. It said it would continue its business in the two countries through local partnerships.

In addition to the investments, announced in a statement late on Monday, the group said it would extend by 24 months the medium- to long-term debt repayment plans as part of a debt refinancing agreement with creditor banks including Monte dei Paschi and the Italian units of BNP Paribas and Credit Agricole.
Geox controlling shareholder LIR, the family holding of its chairman and founder Mario Moretti Polegato, will contribute up to 60 million euros to the industrial plan, the statement said.
The shoemaker expects yearly revenues above 850 million euros by 2029, compared with 720 million in 2023, with compound annual growth rate (CAGR) of 5% in the next five years, and an EBIT (earnings before interest and taxes) margin over 7% by 2029.