The LVMH-backed private equity firm is offering to purchase a 36 percent stake in the business as part of the conversion attempt, valuing its fashion partner's brand portfolio at $1.2 billion.
Italian fashion label Versace and British footwear label Jimmy Choo were able to bounce back in Asia last quarter, though not enough to offset overall losses.
Following the Prada Beauty formula, a new partnership allows for the development and distribution of products bearing the Italian fashion label's name.
Tapping American actor Christopher Walken among others, the German automaker's vehicle will grace viewer's screens on one of the biggest nights in advertising.
Though its sales in North America remained stagnant in the last quarter of 2023, the U.S. fashion group saw success in Europe and Asia, where other luxury players have struggled.