The actions of Capri Holdings have dropped 10.64% in the stock market after the company reported that it has reached a definitive agreement for the Versace to Prada for 1,375 million dollars in cash. The luxury group hopes that The transaction closes in the second semester of 2025subject to the usual closure conditions, including regulatory approvals.
John D. idol, President and CEO of the company, says that «Versace is an emblematic luxury Italian fashion house, founded 46 years ago by Gianni Versace and developed under the creative vision of Donatella Versace. » Thanks to improvements in products, marketing and stores, the brand is now in a privileged position for long -term sustainable growth. We trust that the Prada Group is the ideal company to guide Versace towards its next era of growth and success«He adds. In addition, he considers that the transaction reflects the» commitment «of the firm to» increase the value for shareholders, strengthen in balance and Promote the future growth of Michael Kors and Jimmy Choo«.» We will continue to implement the strategic initiatives presented on our recent investor day and trust the Michael Kors and Jimmy Choo's long -term growth potential«He adds. Barclays acts as a financial advisor to Capri Holdings Limited and Wachtell, Lipton, Rosen & Katz is his legal advisor. The transaction funds will be used to support the capital allocation priorities of Capri Holdings, among which are the Business investments, debt reduction and future shares. Likewise, the group considers that the sale of Versace will allow it to «strengthen» its balance and make «Accelerated strategic investments in Michael Kors«
