Prada is closing in on a deal to buy Versace.
The Milan-based luxury goods group has agreed to pay £1.2billion to its rival’s US owner Capri Holdings, whose brands also include Jimmy Choo and Michael Kors.
Capri shares rose more than 6 per cent in early trading in New York and Prada gained 3.5 per cent in Hong Kong.
The deal – first reported by Bloomberg – could be finalised this month.
It would bring Versace back under Italian ownership and create a major player that could compete with global groups such as LVMH, whose brands include Louis Vuitton, Christian Dior and Tiffany, and Gucci owner Kering.
Capri bought Versace – set up by the late Gianni Versace 47 years ago – for £1.5billion in 2018.
Elegant attire: Versace, worn by actress Anne Hathaway (pictured), was set up by the late Gianni Versace in Milan in 1978
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