Capri jumps on report Prada among suitors for Versace
10/01/2025 11:45
(Updates)
** Shares of Michael Kors owner Capri Holdings CPRI.N up
5.1% at $22.61 premarket
** Italy's Prada 1913.F 1913.HK is among the potential
suitors looking at fashion group Versace, which Capri has put up
for sale, daily Il Sole 24 ore reported on Friday
** In November, Coach-owner Tapestry TPR.N abandoned an
$8.5 billion deal to buy Capri
** Capri has hired Barclays to look at strategic options,
including the sale of its Versace and Jimmy Choo brands, two
people with direct knowledge of the matter told Reuters
** One person said the entire Capri Holdings group could
also be up for sale
** Wells Fargo raises rating on CPRI to "overweight" from
"equal weight" and says, "given the current losses generated by
the brand (Versace), this would be an immediate positive for
equity holders even if the sale came at a depressed price"
** Citigroup upgrades CPRI stock to "buy" from "neutral"
** CPRI has made significant improvements to Versace's
accessory assortments and made the brand more appealing giving
an acquirer less work to improve Versace results from here than
CPRI did back in 2019, Citigroup analysts say
** Stock fell more than 58% in 2024
(Reporting by Ananya Mariam Rajesh in Bengaluru)
((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))