Versace's Parent Capri Inches Closer to Selling to Prada

Shares of Capri Holdings Ltd., based in the U.S., surged amid reports of an impending sale of its renowned Italian luxury brand, Versace, to Prada SpA.

Details of the Deal

Sources familiar with the discussions revealed late Sunday that Capri and the family that owns the Italian company are negotiating a potential transaction valued up to €1.5 billion, which equals approximately $1.6 billion. The fashion label, established by the legendary Gianni Versace in 1978, stands at the center of these high-stakes talks.