Fashion

Michael Kors Is Reportedly Set to Acquire Versace For $2 Billion

An official announcement is expected to come this week.
IMAGE GETTY IMAGES/ ESTROP
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Michael Kors Holdings Ltd is on a mission to strengthen its portfolio of luxury brands and Versace may be the newest addition to the company, according to a Bloomberg report.

On the heels of Versace's Spring 2019 runway show, rumors began to mount early Monday morning, September 24, that Michael Kors is set to acquire the iconic Italian design house in a deal worth around $2 billion. If Michael Kors acquires the brand, the Versace Family will no longer have ownership of its namesake label for the first time since Gianni Versace founded the design house nearly 40 years ago. The glamorous house's matriarch, Donatella Versace, and the Versace family currently own 80 percent of the company after selling 20 percent to U.S. private equity group Blackstone in 2014. If the purchase goes through, the Versace family will still have a role in the company in some capacity, but Blackstone will sell its stake in the company.

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Should Kors actually take over Versace, the Italian label will join luxury shoemaker Jimmy Choo, which was acquired by Kors last year for $1.2 billion. Other suitors eyeing the deal include Tiffany & Co. LVMH, PVH Corp. and Tapestry. No official agreements have been made yet, but an announcement is expected to arrive in the coming days.

From: ELLE US

*This story originally appeared on Townandcountrymag.com

*Minor edits have been made by the Townandcountry.ph editors

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