Michael Kors set to snap up Italy's Versace

Michael Kors set to snap up Italy's Versace

According to Punch, Corriere della Sera, one of Italy's biggest newspapers, shared the news.

Versace, which has been run by Gianni Versace's heirs since his murder 21 years ago, had been eyeing a public listing for several years. Bloomberg reports the buyer as Michael Kors Holdings, which would take over private investor Blackstone's share and preserve the Versace family's involvement.

Donatella Versace, Gianni's sister and the company's artistic director, has reportedly called a staff meeting on Tuesday.

USA fashion group Michael Kors Holdings Ltd. has agreed to take control of Italy's Versace in a deal that could value the company at $2 billion United States, sources familiar with the matter said on Monday.

Blackstone Group LP owns 20 percent of Versace, and it is unclear if they will be selling their stake as well.

Michael Kors, best-known for its leather handbags, has made clear its ambition to grow its stable of high-end fashion brands in an industry still dominated by European players such as Louis Vuitton owner LVMH.

More news: Samsung’s Android Go smartphone starts selling in Kenya for Kshs 10,500
More news: Labour leader Jeremy Corbyn lays wreath at Hillsborough memorial
More news: Russian plane downing in Syria will harm relations with Israel

There was no immediate comment from either of the fashion companies.

Last year, Michael Kors bought Jimmy Choo, the luxury shoemaker founded in London, for nearly £900m. Kors is also trying to purchase Coach owner Tapestry Inc. The Kors brand struggled with a cheap image after it broadly distributed its products to department stores and outlet malls, which heavily discounted its goods. The rest of the company is held by the Versace family.

Versace, known for its flamboyant style and Medusa-head logo, hired CEO Jonathan Akeroyd in 2016 from Alexander McQueen.

The brand has been at its most prominent in years since a hit show last September at Milan Fashion Week.

She holds a 20 per cent stake in the company, her daughter Allegra has a 50 per cent stake, while Santo, Donatella's brother, holds the remaining 30 per cent.

Versace founded his namesake company in 1978 in Milan, growing it into an worldwide powerhouse by the time he was gunned down by a serial killer in 1997.

Related Articles

  • Indonesian teenager rescued after surviving 49 days adrift at sea

    Indonesian teenager rescued after surviving 49 days adrift at sea

    His hopes of rescue were dashed repeatedly when 10 passing ships failed to come to his aid, Indonesian diplomats said. Rompongs are a traditional form of trapping fish in Indonesia, but are often unmanned, secured by buoys and ropes.
    Japanese Space Rovers Send Dazzling Photos From Asteroid Landing Back to Earth

    Japanese Space Rovers Send Dazzling Photos From Asteroid Landing Back to Earth

    The agency called JAXA , confirmed the successful landing Saturday and posted photos taken by the little landers online. Tomasz Nowakowski is the owner of Astro Watch, one of the premier astronomy and science-related blogs on the internet.
    Pompeo: US Would Win Trade War with China

    Pompeo: US Would Win Trade War with China

    "We are going to win it", Trump's Secretary of State Mike Pompeo said of the trade war on "Fox News Sunday". Earlier, both sides had slapped additional tariffs of worth $50 billion on each other's products.
  • 49ers lose Garoppolo to possible ACL injury

    49ers lose Garoppolo to possible ACL injury

    Before long, Garoppolo was wheeled to the locker room on the back of the cart, with the team anxious about a left knee injury . Garoppolo, who signed a five-year $137.5 million extension in February, expects his season is over, according to teammate C.J.
    Why Democrats waited in coming forward with Kavanaugh accusations

    Why Democrats waited in coming forward with Kavanaugh accusations

    As he builds a case for his innocence, Mr Kavanaugh plans to turn over to the committee calendars from the summer of 1982. More voters believe Ford, 36 percent, than Kavanaugh , 30 percent, with 34 percent unsure who to believe, the poll found .
    Amazon announces new Echo and Skype integration

    Amazon announces new Echo and Skype integration

    The device can be used to control third-party apps such as Spotify, Sirius XM, Google Maps, Apple Maps, and Waze, among others. Featuring Bluetooth to connect to an existing Echo device , you can use the Wall Clock to set timers, alarms and reminders .
  • Trump says Kavanaugh allegations ‘political’

    Blasey Ford had previously asked for time extensions in order to "reach [an] agreement on details", reports NPR. Mr Grassley turned down Ms Ford's request that only senators, not lawyers, be allowed to ask questions.
    Iranian accusations on terror attack: Here’s what UAE says

    Iranian accusations on terror attack: Here’s what UAE says

    Iran's Foreign Minister Mohammad Javad Zarif said the United States and its regional allies were responsible for the attack. He adds: "We will destroy them with a strong and guerrilla-style attack, inshallah (God willing)".

    Protesters demand second Brexit vote as Theresa May faces criticism

    However in an interview with the Sunday Mirror, he said that he would accept a vote by conference for a second referendum. Jeremy Corbyn was condemned by a Jewish Labour MP. 'I understand it, absolutely understand it.
  • Woman Finds ‘Exceptionally Rare' Two-Headed Snake In Her Garden

    Woman Finds ‘Exceptionally Rare' Two-Headed Snake In Her Garden

    The gruesome discovery was made by Stephanie Myers who said: "I wanted to look away but couldn't stop looking at it". Professionals are caring for it, and if the snake survives, it will be donated to a zoo for an educational exhibit.
    Officer accused in shooting death of neighbor fired by Dallas Police Dept.

    Officer accused in shooting death of neighbor fired by Dallas Police Dept.

    Amber Guyger "engaged in adverse conduct when she was arrested for manslaughter", police said in a press release on Monday. When asked where she was, she returned to the front door to see she was in the wrong unit, according to the affidavit.
    Vatican ‘signs historic deal with China on bishop appointments’

    Vatican ‘signs historic deal with China on bishop appointments’

    China said it hoped for better relations with the Catholic Church while Taiwan stated its ties with the Vatican were not affected. A Holy See statement did not mention Taiwan, which the Vatican recognizes diplomatically.