Prada SpA is moving closer to a deal to buy Versace from Capri Holdings Ltd. after agreeing to a price of nearly €1.5 billion ($1.6 billion), according to people familiar with the matter.
The Milan-based company and Capri could finalize a deal for the Italian luxury clothier this month, said the people, asking not to be identified because discussions are private. Talks are progressing after initial due diligence didn’t find any risks, the people said.
The timing and valuation could change and discussions could still fall apart, the people added. Capri, which bought Versace in 2018 for about €1.8 billion, didn’t immediately respond to requests for comment on Sunday. Prada declined to comment.
A potential acquisition of the fashion house founded by the late designer Gianni Versace in 1978 would allow Prada to create a larger Italian player to better compete with global luxury groups such as LVMH and Kering SA.
A purchase would mark a reversal of the trend in Italian fashion after decades during which domestic luxury groups — including Gucci and Valentino — were bought by foreign rivals.
Prada emerged as one of the luxury sector’s winners amid a global downturn for high-end fashion items. Its sales surged in the third quarter of last year on the back of its Miu Miu brand, a label popular with younger consumers.
The Italian company had spent weeks evaluating Versace with its advisers, and had gained exclusive access to its latest financial and sales figures, Bloomberg News reported in February, citing people familiar with the situation.
Even with a deal, Prada will be worth a fraction of its biggest competitors. The Hong Kong-listed fashion house has a market capitalization of about HK$169.4 billion ($21.8 billion), following a 10% share gain since the start of the year. Miuccia Prada’s family and her husband Patrizio Bertelli control about 80% of the company.
French conglomerate LVMH, which owns Louis Vuitton and Christian Dior as well as a string of Italian brands including Fendi and Loro Piana, has a market value of €347.5 billion. LVMH last year bought a stake in the company that controls Moncler SpA, the Italian maker of designer outerwear.
Versace reported revenue of $193 million for the third quarter of the current fiscal year, a 15% year-on-year decline, according to a statement. Over the same period, the brand’s operating loss widened to $21 million for $14 million.
Capri, which also owns Michael Kors, hired Barclays Plc to explore options for some of its portfolio companies after an $8.5 billion combination with Tapestry Inc. was scrapped following a court order. Capri’s debt was downgraded to below investment grade by S&P Global Ratings in February.
Wednesday this week will see Icelandic outerwear brand 66°North launching its SS25 collection ‘Blurred Seasons’. And it comes with its first Chris Burkard design collab and the new Helgafell running line, based on the UK-originated activity of fell running. There’s also a supporting campaign.
66°North
For SS25, 66°North said it “exports its blurred season dressing beyond Iceland to the global community of adventurers, travellers, and everyday commuters experiencing a wide variety of climates and lifestyles”. The “protective layers provide the foundation to the entire collection”, with the brand’s signature shell jackets at the forefront, such as its most technical Hornstrandir Gore-Tex Pro and “everyday go-to” Polartec Snæfell, while also offering lighter shell layers for high summer.
As mentioned, this season, 66°North introduces its first design collaboration with long-term brand ambassador, photographer, and Iceland-based explorer, Chris Burkard. The collection includes various multi-use jackets and shorts “inspired by [his] love of movement”.
And the company said that “tapping into the overarching theme of blurred seasons, the collection provides layers you can count on in the mountains, from the unexpected storm to a cold snap in the valley”.
Also newly developed for SS25 is the brand’s new Helgafell running line, designed in partnership with UK-based Rory Griffin, the trail runner and founder of Orienteer Magazine and Studio.
Helgafell is a collection “rooted in Iceland’s rugged and harsh terrain, designed with functionality at the forefront of each piece to manage weather comfortably and safely during trail runs”.
But the company said that while it’s “synonymous with Icelandic locals, it also taps into the UK and European sport of fell running”.
Born in the North of England and in Scotland, this sport — which is also known as hill running — “takes athletes and enthusiasts out into diverse terrain where they must focus on their navigational skills and preparation for the journey, with functionality first”.
So the range features “shorts with stuffable pockets and packable jackets with storage for race fuel and additional phone storage”.
The company also updated its core Straumur swim line for the season with new fabric and colour options, and its heritage ‘Kría’ capsule is also back for SS25. The collection, named after the arctic tern, dates back to the 1990s when the collection was first introduced in Iceland. This season, the inspiration comes from camping and love of the outdoors, bringing together both technical elements and lifestyle.
Local council-owned Charter Walk Shopping Centre in Burnley is welcoming a bigger, more prominent JD Sports flagship store.
Centre asset manager Addington has secured a 10-year lease for the relocated unit, moving from its current 3,973 sq ft store to an increased ground floor 5,817 sq ft with a new address taking in The Mall and adjoining Fleet Walk.
The new unit, situated opposite River Island and Superdrug, “provides an enhanced shopping experience for customers in one of the most popular stores within the scheme”, Addington said.
Works to amalgamate six vacant units for the new store are already under way, with the opening targeted for summer.
Matthew Allen Principal of Addington said: “We are delighted that JD Sports, who has been a key part of Burnley’s retail landscape for over 20 years has recommitted to the shopping centre. Occupancy across Charter Walk remains very high. By consolidating smaller units into larger, modern retail spaces, the Centre is securing the long-term presence of national retailers, enhancing the overall sustainability of Charter Walk as a thriving destination for the local community.”
JD Sports’ recommitment to the shopping centre follows on from a series of other high-profile retailers upsizing in Charter Walk, “demonstrating strong confidence in the shopping centre’s future”. They include Shoe Zone signing a five-year lease on a bigger 3,025 sq ft unit and Specsavers, signing a 10-year lease on 4,999 sq ft space, both doubling the size of their stores.
The 375,185 sq ft centre is home to other national retailers including River Island, Superdry and Boots.
Castore continues to extend its association with cricket. Already kit partner for the England and NewZealand men’s and women’s national teams, the premium sportswear brand has agreed another multi-year partnership at county level with Lancashire CCC.
It joins fellow county sides Yorkshire, Surrey, Worcestershire, Middlesex and Kent.
Under the terms of the new deal, Castore will become the official kit supplier and exclusive retail partner with the kit featuring the Lancashire red rose being worn by the Club from April. The new design will be ready in time for the Lancashire Men’s and Women’s (Lancashire Thunder) first domestic fixtures of the season.
Fans will be able to buy the new kit, which will be worn by England internationals including Jos Buttler, Sophie Ecclestone, Liam Livingstone, Saqib Mahmood and Phil Salt as well as all-time cricketing great Jimmy Anderson, via the Lancashire Webshop.
The timely association coincides with Lancashire purchasing a 70% stake in its Hundred team, Manchester Originals, who will also wear a Castore-designed kit.
Lancashire CCC’s home ground, Emirates Old Trafford, will host sides including India and South Africa against England this summer, as well as the County Championship and Vitality Blast fixtures.
Castore founding partner Tom Beahon said: “Lancashire [is] a club that is close to our hearts – especially my brother and co-founder Phil, being his former club. It is also close to our business in Manchester and we both have strong ambitions to continue to promote cricketing excellence at the elite level and through grassroots participation, particularly with Lancashire’s development at Farington due to open in 2026, with the new community cricket oval set to inspire the next generation of cricketers in the county.
“It’s a pleasure to work with Lancashire and develop our relationship with another key part of the cricketing community. We think it’s a brilliant time to be bolstering our presence in cricket, as summer approaches and the UK plays host to some incredible international fixtures before the Ashes Tour later this year.”
Founded in the Wirral in 2016 by brothers and former athletes Tom and Phil Beahon, Castore has grown to become a global brand, working with a range of the world’s most popular sports, including football, rugby and Formula One.