Prada reportedly taps Goldman Sachs to advise on – Business News
Goldman Sachs is reportedly main a group of prime investment banks to help Italian design giant Prada bankroll its deliberate $2.5 billion bid for luxurious rival Versace.
The David Solomon-led lender has been advising the fashion powerhouse on its bid to purchase Versace from mum or dad company Capri Holdings, the Milan-based business each day MFF reported on Friday.
Prada is trying to drum up $1.5 billion to full the takeover, with one other $1 billion earmarked to relaunch and revive Versace’s Medusa model, the newspaper mentioned.
Prada executives have already held talks about a potential takeover of the rival Italian model. AFP by way of Getty Images
A Goldman Sachs spokesperson declined to remark.
The Post reached out to Prada and Versace for remark.
There has been no indication from Capri executives as to whether or not they would settle for an offer for the beleaguered Versace label at that price, regardless of the company’s sliding gross sales and $3 billion debt pile.
US-based Capri additionally owns Jimmy Choo and Michael Kors, together with the famed Italian label based by Gianni Versace, who was murdered in 1997 exterior his Miami Beach home at age 50.
Milan-based fashion home Prada is hoping to seal a deal for Versace within the approaching months, in accordance to a report. AFP by way of Getty Images
Donatella Versace, Gianni’s sister, stepped down because the company’s foremost designer three weeks in the past amid rumors of a potential deal.
Dario Vitale, beforehand a protégé of Miuccia Prada at sister label Miu Miu, was appointed because the chief inventive officer in her place.
Gianni Versace was murdered in 1997 exterior his home in Miami. Leonardo Cendamo
Andrea Guerra and Lorenzo Bertelli — the eldest son of Miuccia Prada and Patrizio Bertelli, and head of company social accountability — traveled to New York three weeks in the past for talks concerning the potential deal, in accordance to MFF.
Prada’s takeover plans would help CEO Andrea Guerra’s said objective of doubling its income from $5 billion to $10 billion.
