January 10, 2025 7:25 PM

Prada has been working with Citi on possible bid for Versace, source says

Italy's Prada is among the potential suitors looking at fashion group Versace, put up for sale by parent Capri Holdings, and has been working with Citi to evaluate any bid, a person with knowledge of the matter said on Friday. U.S. Capri is struggling with falling sales in a global $400 billion luxury sector where confidence has been eroded by wealthy Chinese cutting their spending, ending a prolonged industry boom. In November, Coach-owner Tapestry abandoned an $8.5 billion deal to buy Michae...