Bankers and potential buyers are abuzz as Capri Holdings plans to sell Versace and Jimmy Choo, with Barclays managing the sale process.
The process is just beginning and it’s not clear whether the brands would be sold together or separately — or at all. A data room with confidential information on the businesses is being set up now for potential buyers. One source said Barclays suggested that it would like to start receiving indications of interest before Christmas.
Once the negotiations started with Tapestry, Capri continued to play the field with John Idol, chairman and chief executive officer, meeting with potential suitors. According to regulatory documents, one was with the “chairman and chief executive officer of a multi-industry holding company” who discussed the possibility of buying both Versace and Jimmy Choo or investing in any IPO.
Idol called Versace “one of the world’s most storied luxury houses with a 46-year heritage” and said it could bounce back by “engaging and energizing both new and loyal consumers, broadening our product offering, improving store productivity and returning our wholesale business to growth.” Going forward, Versace plans to balance fun and elegance while better courting the aspirational luxury shopper.
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