A stumbling block for Randa has always been the perception that inbound apparel licensees would not approve a change to an accessories licensor.
The platform wants to help India’s 12 million small and medium-sized businesses get online.
Randa is in talks with Perry Ellis over its nonbinding offer of $28.90 a share.
The investment firm bought its stake in the Spanish retailer four years ago with plans to expand the label abroad.
Following the acquisition, the fund will control a 35 percent share in the company.
The company was trying to take control of the industrial site since it was acquired by Gucci in 2013.
This was in response to Randa’s latest volley in its attempt to acquire the company.
The U.S.-based holding company and Italian investment firm Panda Srl now own a majority stake in P448.
The accessories firm is sending another letter to the Perry Ellis Special Committee Monday morning on why it has the better offer.