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27 September 2018, 01:11 | Vera Richards
Versace to be sold to US label Michael Kors for $2bn, sources say
An acquisition by Michael Kors would be a landmark deal for the fashion industry, with an American company taking over an Italian icon.
Meanwhile, Michael Kors previously acquired ladies shoe brand Jimmy Choo for $1.2 billion previous year. Previous year the American company acquired Jimmy Choo for $1.2bn.
Four years ago it sold a 20% stake to USA private equity group Blackstone.
The family will reportedly retain a role after the takeover.
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It has been reported that on Tuesday, Donatella Versace -who has run the company with her brother Santo Versace, since the murder of their brother and label founder Gianni was murdered in 1997- has called a meeting with employees to announce the sale.
Michael Kors fans, get excited because your favorite handbag brand could be expanding.
Neil Saunders, managing director of the consultancy GlobalData Retail, said that buying Versace would add a "big-hitting brand with true global status into Michael Kors' stable".
On Monday, outlets including Bloomberg and The Wall Street Journal reported that Michael Kors was close to acquiring the Italian luxury designer for roughly $US2 billion.
Investors appeared mixed on the linkup; Kors' stock fell six percent following the stories reporting the deal.
Blackstone, whose stake acquisition valued Versace at $1.4 billion in 2014, declined to comment. CEO Jonathan Akeroyd stated that the group boasted sales of $760 million in 2016 and turnover is expected to exceed by more than a billion in the "short term". Versace has been pushing for an initial public offering, or IPO, but they failed to reach the goal due to a fluctuating market. Donatella Versace now serves as its creative director, while Santo Versace is its chairman. Tiffany & Co. LVMH, PVH Corp. and Tapestry have all shown interest in purchasing Versace. The 40-year-old fashion house returned to profit in 2017 and reported revenue of almost $800 million.
Last year, Versace brought back former top models Carla Bruni, Claudia Schiffer, Naomi Campbell, Cindy Crawford and Helena Christensen to the fashion house's catwalk.
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