Capri reportedly exploring sale of its Versace, Jimmy Choo brands; shares jump

Investing.com12-16

Capri Holdings (NYSE:CPRI) shares rose as much as 7% in premarket trading on Monday after Women’s Wear Daily (WWD) reported that the company is exploring potential buyers for its Versace and Jimmy ...

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Initially, potential buyers would access data to make preliminary bids, followed by direct engagement with management to refine their offers, the report says.This is not the first time Capri has considered selling its divisions. 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Initially, potential buyers would access data to make preliminary bids, followed by direct engagement with management to refine their offers, the report says.\nThe potential sale follows a turbulent period for Capri. After its $8.5 billion acquisition by Tapestry (NYSE:TPR) was dropped due to antitrust concerns, the company has been reassessing its strategy.\nThe failed deal, which valued Capri at $57 per share, has left its stock significantly lower, closing at $21.36 on Friday. Selling Versace and Jimmy Choo could allow Capri to focus on turning around its largest brand, Michael Kors.\nThis is not the first time Capri has considered selling its divisions. In late 2022, the company’s board explored “certain potential strategic alternatives” with Barclays, including the sale of Versace and Jimmy Choo, spinning them off through an IPO, or selling the entire company.\nAt the time, bankers noted there were “a limited number” of potential buyers for Capri and “less strategic interest in acquiring” both brands together.\nCapri’s chairman and CEO, John Idol, kept options open during negotiations with Tapestry, holding discussions with other potential buyers.\nRegulatory filings mention meetings with leaders of a “multi-industry holding company” and an “international luxury goods company,” both expressing interest in the luxury brands. Those talks were put on hold during the Tapestry deal but may have been revived following its collapse.\nFollowing the collapse of the deal last month, earlier discussions about potential buyers for Versace and Jimmy Choo may have regained momentum.\nDuring an analyst call last month, Idol outlined his vision for the fashion group and addressed questions about exploring strategic options for the two luxury brands.\nRelated Articles\nCapri reportedly exploring sale of its Versace, Jimmy Choo brands; shares jump\nIndia stocks lower at close of trade; Nifty 50 down 0.48%\nEntain shares drop as Australian regulator alleges anti-money laundering breaches","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2491266937"}