Versace set to acquired by Michael Kors very soon

Thu, 20 Jun 2019

Versace set to acquired by Michael Kors very soon

By Sheetal Sukhija, Brazil Sun
24 Sep 2018, 23:59 GMT+10

The Italian fashion house, Gianni Versace is set to be sold very soon
Michael Kors is nearing an agreement to buy Versace for $2 billion
Donatella Versace has called a meeting with employees on Tuesday to announce the sale

MILAN, Italy - The iconic Italian fashion house, Versace is reportedly set to be acquired by U.S. fashion group Michael Kors in a deal believed to be worth $2 billion.

Founded by Gianni Versace 40 years back, the Milan-based group is being run by Donatella Versace and her brother Santo Versace since the murder of their sibling Gianni in 1997.

While neither of the companies have revealed any details of the possible deal, Donatella Versace - who currently doubles as artistic director and vice-president of the group - has reportedly called a meeting with employees on Tuesday to announce the sale.

According to sources quoted in a report in the daily newspaper Corriere della Sera, the sale of the Italian fashion house Versace could be announced "within hours."

The report further noted that the deal could be valued at $2 billion and pointed out that rumors are rife that Michael Kors or jeweler Tiffany & Co could buy the Italian brand, known for its Medusa head logo.

In 2014, after U.S. private equity group Blackstone bought a 20 percent stake in the Milan-based group in a bid to fund overseas expansion, Versace has been considering a listing.

The remaining part of the company is currently owned by the Versace family.

Meanwhile, later on Monday, sources confirmed that the U.S. handbag maker, Michael Kors is nearing an agreement to buy the Italian fashion house known for its baroque designs.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Brazil Sun.

More Information

South America

Grisly deaths for 10 detainees in gang fight in Paraguay penitentiary

ASUNCION, Paraguay - Ten prisoners in a jail in Paraguay have been killed after a riot broke out on Sunday.Half ...

Neymar 3 match Champions League ban confirmed

Paris - Brazilian star Neymar will miss three Champions League matches next season, UEFA confirmed Wednesday, as punishment for insulting ...

Worldwide displacement tops 70 million: UN

PanARMENIAN.Net - The number of people fleeing war, persecution and conflict exceeded 70 million in 2018. This is the highest ...

Bastareaud hangs up his boots

Paris - Mathieu Bastareaud announced his retirement from international rugby on Wednesday, a day after he was left out of ...

Global forced displacement tops 70 million

Yet again, wars, violence and persecution have driven record numbers of people from their homes worldwide, according to the latest ...

Tanning industry uses cheap prices, promos to attract young people

Washington D.C. [USA], June 18 (ANI): Indoor tanning known to increase the risk of melanoma cancer lags in regulation while ...

Business

Solid gains in Asia Wednesday following rally on Wall St

HONG KONG - Asian stock markets soared on Wednesday, taking their cue from American and European stocks that shot sharply ...

Global stocks rally on renewed U.S.-China trade negotiations

NEW YORK, New York - Stocks in the U.S. and Europe made sold gains on Tuesday after U.S. President Donald ...

KFC's meatless vegan burger: could it wean you off chicken?

GLOUCESTER, Ireland – Just like other fast food places, KFC is now introducing a vegan option for those who want ...

Heathrow airport's third runway plan revealed

LONDON, United Kingdom- The Heathrow Airport published its masterplan on Tuesday, which takes into consideration the construction of a third ...

Hang Seng index shoots higher, dollar jumps

HONG KONG - Stocks in Asia were mixed on Tuesday with the Hiong Kong Hang Seng starring, while in Tokyo ...

Wall Street marks time ahead of Fed decision

NEW YORK, New York - Technology stocks made solid gains on Monday, while the broader industrial markets were less exuberant.The ...

Movie Review

The Breaking Point [Blu-Ray]

Breaking Point