Prada SpA is working with advisers to evaluate the Versace brand as it weighs a bid for the Italian fashion company owned by Capri Holdings Ltd.
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Milan-based Prada, a rare standout amid the luxury sector’s recent downturn, has kicked off a full review of Versace after gaining access to its latest financial and sales figures, people familiar with the matter said.
Prada is evaluating a possible bid, said the people, who requested anonymity while discussing private deliberations, adding that there’s no guarantee the review will lead to a formal offer. Prada declined to comment, and Capri did not respond to a request for comment outside business hours.
A potential buyout by Prada could see Versace, a storied Italian brand, returning to a domestic owner after other big names in the industry being scooped up by global players.
French conglomerate LVMH owns a string of Italian brands, including Fendi and Loro Piana, and it recently bought a stake in the company that controls Moncler SpA.
The LVMH-backed fund L Catterton played a central role in taking shoemaker Tod’s SpA private, while Kering SA owns Gucci and Bottega Veneta and has an option to gain control of Valentino.
Family-owned Prada, whose shares are listed in Hong Kong, has emerged as one of the winners amid a global luxury sector downturn. Its sales surged in the third quarter of last year on the back of its Miu Miu brand, a hot commodity for younger consumers.
Italian media earlier reported that Capri, whose portfolio also includes Michael Kors, has hired Barclays Plc to explore options for some of its controlled companies after a $8.5 billion combination attempt with Tapestry Inc. was scrapped following a court order.
The Italian website, The Platform, reported this week that Prada had signed an exclusive agreement to conduct due diligence on Versace, citing market sources and social media accounts.
–With assistance from Pamela Barbaglia and Daniele Lepido.
More stories like this are available on bloomberg.com
On Friday, guests at a millinery in central London tried on hats of various shapes and sizes. Some leant in to smell a chocolate design, while others admired one infused with the scent of autumn.
A tempered chocolate hat on display as milliner Stephen Jones showcases his Autumn/Winter 2025-2026 collection at his Covent Garden shop during London Fashion Week, 21 February 2025. – Photo credit: AFP
Legendary British milliner Stephen Jones brought sensory experiences to his Autumn/Winter 2025 presentation at London Fashion Week, showcasing hats crafted from satin, tartan, crêpe, and even glass. “I was thinking about how people connected through hats, and so it’s about sight, and taste, and touch,” Jones, who also designs hats for Dior, told AFP at his studio in Covent Garden.
Feathers floated atop a delicate fascinator, icy beads dangled down from another headband, and Jones described a black satin flat cap with white piping as “assured” and “fun.”
“What is fashion about? Is fashion a uniform? Is fashion self-expression? Can fashion be fun? So that’s why this collection came about,” Jones said.
In the background, one guest tried on a hat with gauzy petals piled high, exclaiming, “It’s so strange; when I take the hat off, I feel naked.” The centre of attraction was a Willy Wonka-esque top hat made of chocolate with a bite-size hole in its crown, which Jones crafted in collaboration with Paris-based pâtisserie Jana Lai.
Jones has already received an order for the hat from a “lady who wants to wear it for her birthday party” and said the confectionary head covering can be worn by “anyone.”
“Not somewhere too hot, though”, he mused.
Celebrating life
From plush berets for Princess Diana to towering headdresses strutted down Dior runways, Jones’s hats have served as the crowning glory of celebrities and designers for over four decades.
His work is currently on display in a retrospective at Paris’s Palais Galliera called “Stephen Jones, Chapeaux d’Artiste”, which brings together some 170 hats spanning his career.
Jones, 67, was born “near Liverpool, in the middle of nowhere”.
“So, for me, Paris was always such an exciting place,” said Jones, who divides his time between London and Paris.
“Paris has always influenced my work,” he added, a customary brown beret balancing on his head.
Jones crafted his first hat when he was a student at London’s Central Saint Martins out of a cereal box and scraps from his sister’s blouse. That sense of whimsy and innovation never really went away.
“Everything else can be super serious, but fashion and hats need to be about celebrating life,” he said. “Especially at the moment.” For the millinery guru, participating in fashion week during a time of global political uncertainty was “strange.” “But that’s what fashion does. At least you can control how you get dressed in the morning.”
“Hats are so popular because they’re like a talisman of something. It’s a talisman of hope,” said Jones. “People wear jackets and tailoring and shoes… But to show your individuality, maybe a hat is a very good way of doing that.”
Despite dressing a roster of fashion royalty, Jones said he still has not made a hat for Britain’s Queen Camilla. “The Queen hasn’t worn my hats yet. Maybe one day I’ll make a hat (for her),” said Jones.
After 45 years of presenting collections, how does he keep pulling ideas out of his hat?
“I guess that’s my character. I live my life and put it into a hat.”
There’s no such thing as consistency when it comes to consumer confidence, at the moment at least, as trying to read consumer emotions in February is a little tough.
Photo: Pexels
GfK has its long-running Consumer Confidence Index increasing two points to -20 this month and its other measures to gauge sentiment were also all up on January.
This is in stark contrast to yesterday’s (20 February) data from the British Retail Consortium which showed confidence down three points February from January, the fifth consecutive month in which expectations have worsened.
The GfK index measuring changes in personal finances during the last year is up three points at -7; seven points better than February 2024 and the forecast for personal finances over the next 12 months is up four points at +2, which is two points better than this time last year. But according to the BRC it had its consumer personal financial situation falling 7 points from January.
GfK’s measure for the general economic situation of the country during the last 12 months is also up two points to -44, one point lower than in February 2024 and expectations for the general economic situation over the next 12 months have improved three points to -31, still seven points worse than February 2024.
The Major Purchase Index is also up three points to -17, eight points better than this month last year, while The Savings Index stayed at +30 in February, one point higher than this time last year.
Neil Bellamy, Consumer Insights Director, NIQ GfK, said it its reading: “The biggest improvement is in how consumers see their personal finances for the coming year with an increase of four points that takes this measure out of negative territory to +2.
“The Bank of England interest rate cut on 6 February will have brightened the mood for some people, but the majority are still struggling with a cost-of-living crisis that is far from over. Prices are still rising above the Bank of England’s target; gas and electricity bills remain a challenge for many households. So it’s no surprise that consumer views on the general economic situation are still lower than 12 months ago, suggesting that people don’t expect the economy to show any dramatic signs of improvement soon. Politicians looking for bright spots on the horizon will be disappointed.”
Interestingly, with the survey coming on the day that the UK’s statistics body said January retail sales volumes rose, home delivery expert Parcelhero said that “shoppers may say they are worried about the state of the economy, but that didn’t stop them splashing out at the supermarket”.
Its head of Consumer Research, David Jinks, said consumers might not actually be feeling as bad as they think they are.
“When it came to actually spending money, it seems that they actually splashed the cash more in January than at any time in the last few months,” he said.
It will be interesting to see how both the retail sales picture and the consumer confidence picture develop in the months ahead.
The Perfume Shop and Deliveroo are extending their retail partnership to cover further UK locations, following a successful launch period last year.
The widening of its association, launched last year as Eau De-Liveroo x The Perfume Shop, comes as research reveals 47% of Britons have forgotten to wear or pack their favourite perfume when heading out, “leaving them feeling annoyed (24%), or unprepared (18%)”.
During peak periods, the retailer said the partnership managed to directly generate in-store sales in 21 locations covering London, Manchester, Bristol, Birmingham, Leeds, Glasgow and Edinburgh. “With over 1,000 perfumes available for quick delivery, the partnership has proven particularly popular during key shopping seasons over Black Friday and throughout December”, it added.
Milton Keynes was the most recent to introduce the Deliveroo app service, and there are plans to continue rolling out additional locations over 2025.
Gill Smith, managing director at The Perfume Shop said: “The success of our partnership… is a testament to the growing demand for seamless, on-demand shopping experiences”
Suzy McClintock, VP for New Verticals at Deliveroo added: “This successful partnership has not only driven sales but is also helping reshape the way customers shop by offering fast, on-demand delivery of over 1,000 fragrances across the UK.
Deliveroo is also continuing to expand its partnership to other retailers including Hurr, Accessorize, Hemp and Boots.
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