Michael Kors Nears Deal to Buy Versace for Around $2.35 Billion

Versace on verge of sale to Michael Kors

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

London-based Kors past year snapped up shoemaker Jimmy Choo Plc for about £896 million ($1.2 billion), expanding beyond its namesake brand.

The Versace family, which owns the remaining 80% of the brand, will continue to have a role in the company, according to Bloomberg.

"While it is true that the enlarged group would be able to make savings on central costs, we don't see the addition of a brand like Versace being about helping to boost the Michael Kors brand", said Saunders.

Fashion designer Donatella Versace acknowledges the audience at the Versace show during Milan Fashion Week Spring 2019 in Milan, Italy, September 21, 2018.

An Italian newspaper reports that the Versace group is on the verge of announcing its sale to an American company for 2 billion euros ($2.4 billion). Michael Kors couldn't immediately be reached.

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Blackstone also declined comment according to Reuters.

Donatella Versace, the firm's artistic director and vice-president, has called a staff meeting in Milan for Tuesday, Corriere della Sera reported.

French fashion houses including Paris-based Kering (PRTP.PA) were among those holding talks with the Versace family, the sources said, but considered the price too expensive.

Private equity group Blackstone bought a 20% stake in Versace in 2014, valuing the company at $1 billion, to fund overseas expansion with the idea of taking the company public.

The group last year returned to a net profit of just under 15 million euros compared with a net loss of 7.9 million euros the previous year.

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