The Former Gucci CEO Is Said to Be Raising Funds to Add Versace to His Growing List of Investments
Several potential buyers have emerged in the bid to acquire Versace, among them former Gucci CEO Marco Bizzarri, who has transitioned into investment. Barclays is orchestrating the sale of both Versace and Jimmy Choo on behalf of Capri Holdings. Initially, about 15 prospective buyers were involved, with the number now reduced by half. Final bids are expected by early February.
Prada Group has shown consistent interest, alongside other contenders such as Bahraini company Investcorp, and private equity firm Permira. Exor, which owns Ferrari, has reportedly withdrawn from the bidding.
The auction has attracted a mix of investors, each with distinct strategies, not all of whom are pursuing both assets on offer. Versace remains a focal point due to its strong global brand, despite recent struggles under Capri’s ownership. Sources indicate that financial sponsors see potential value in the assets if acquired under favorable terms.
Miuccia Prada and Lorenzo Bertelli are notably keen on Versace. While Prada’s involvement was initially met with skepticism, perceived by some as a mere exploration of a rival’s financials, the company is said to still be in the running.
Speculation also surrounds Donatella Versace, with her contract as chief creative officer expiring in February. There’s uncertainty whether she or Capri will opt for renewal. There’s also talk that Dario Vitale, former Miu Miu ready-to-wear design director, might succeed Donatella, described by sources as a thoughtful designer suited for the role during this transitional period.
In 2018, Donatella Versace sold the family-owned company to then Michael Kors Holdings, now Capri, in a deal valued at $2.1 billion. Capri is now reevaluating its strategy for Versace and Jimmy Choo, and possibly Michael Kors, after a failed acquisition attempt by Tapestry Inc., thwarted by U.S. antitrust challenges.
Despite a 22.1 percent decline in first-half revenues to $420 million, Capri’s CEO John Idol remains optimistic about Versace’s recovery, focusing on consumer engagement, product diversification, and wholesale growth.
Marco Bizzarri, eyeing a major investment in Versace, has been actively pursuing various investment avenues since leaving Gucci. He recently acquired a significant stake in Elisabetta Franchi and became involved with Orienta Capital Partners, targeting investments in burgeoning companies. His venture into luxury interior design via FOREL, acquiring Visionnaire, marks his expanding influence in design and luxury markets.