Michael Kors to buy out Versace for at least $2B

Lloyd Doyle
September 24, 2018

The US fashion group has agreed to buy the Italian firm in a deal worth about €1.7bn ($2bn, £1.5bn), Reuters reported.

The news of the imminent Versace sale were first reported by Italian daily Corriere della Sera earlier on Monday.

It is unclear whether the Versace family, which has controlled the brand for decades, would remain as minority shareholders in the business or if Donatella Versace would stay on as creative director.

Versace, the Italian fashion house founded by Gianni Versace 40 years ago, is set to be bought by Michael Kors, according to reports.

London-based Kors last year snapped up shoemaker Jimmy Choo Plc for about $1.2 billion

Another potential buyer whose name was floating around Milan Fashion Week was jeweler Tiffany & Co.

Versace has been considering a listing, after US private equity group Blackstone bought a 20 percent stake in 2014 to fund overseas expansion, although Chief Executive Jonathan Akeroyd told Reuters earlier this year there was no rush for a market debut.

The Versace family, which owns the rest of the company will keep a role. Akeroyd said in June he expected turnover to exceed €1 billion in the "short term".

Other reports by Iphone Fresh

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