Michael Kors to take control of Italy's Versace

24 September, 2018, 18:24 | Author: Regina Silva
  • Versace for sale? Italy's family fashion house rumoured to be bought out

Handbag maker Michael Kors Holding Ltd.is nearing an agreement to buy Gianni Versace SpA after the Italian fashion house known for its baroque designs drew interest from several suitors, people familiar with the plans said.

Blackstone also declined comment according to Reuters.

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.

Last year, Michael Kors bought Jimmy Choo, the luxury shoemaker founded in London, for nearly £900m.

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

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Michael Kors has been looking to bolster its group of luxury retailers against rivals such as Louis Vuitton owner LVMH (LVMHF) and Tapestry, the parent of Coach and Kate Spade.

Italian fashion giant Versace is about to be sold, the country's biggest-selling newspaper said Monday, citing anonymous sources who suggested the deal could come in the next few hours. Two of the three sources who spoke to Reuters said the company had agreed to pay a large premium for Versace, known for its Medusa head logo.

"They gradually persuaded the family to look into a possible sale and introduced them to a series of buyers, including Michael Kors", the person added.

Michael Kors and private equity firm Blackstone, which owns 20% of Versace, did not immediately respond to a request for comment.

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