Michael Kors reportedly ready to buy Versace for $2B

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Donatella Versace, sister of late founder Gianni who doubles as artistic director and vice-president of the Milan-based group, has called a staff meeting for Tuesday, according to a person who was briefed by a company employee.

However according to Neil Saunders, managing director of consultancy GlobalData Retail, both Versace and the Michael Kors brand still have issues to address to improve their appeal.

The move is in line with the US brand's ambition to aggregate various luxury brands - including fashion, shoes and accessories - under one larger group.

Handbag maker Michael Kors Holdings is nearing an agreement to buy fashion house Gianni Versace.

Italian newspaper Corriere della Sera reported earlier that Versace could be sold this week for about US$2b, with several groups interested including Kors and Tiffany & Co.

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.

A representative for Versace declined to comment on the potential transaction.

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

The fashion house, founded by designer Gianni Versace in 1978, posted sales of €686 million in 2017 with net profits of €15 million.

We reached out to Michael Kors for comment and will update if we hear back.

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

The stock market didn't react well to reports of an impending deal, with Kors shares trading at $66.11 at 11 a.m., down 9 percent. Reports suggest that Blackstone will sell its whole stake, while the Versace family will retain a minority stake and some creative control.

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.

Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan, Italy, September 21, 2018.

Private-equity firm Blackstone, which owns 20 percent of the brand, reportedly didn't believe its financial performance was strong enough for a public listing, according to Reuters.

More news: Tropical Storm Kirk forms in the Atlantic

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