Michael Kors could buy Versace in $2 billion deal

Versace spring  summer '19

US fashion brand Michael Kors is close to buying celebrated Italian design house Versace, according to several news sources, including Reuters, Bloomberg, and The Wall Street Journal.

It also cited rumours saying that the buyer could be US fashion group Michael Kors Holdings Ltd's (KORS.N) or jeweler Tiffany & Co (TIF.N). The other 20% is owned by the private-equity firm Blackstone Group, which acquired the stake in 2014.

The deal is expected to close in the fourth fiscal quarter, subject to regulatory approvals.

Last November, the fashion group added Jimmy Choo, the iconic shoe label, to its roster for a cool $1.2 billion.

On Tuesday, the company confirmed the $2.1 billion sale, which will involve Michael Kors changing its name to Capri Holdings Limited.

This outfit looks a little flashy for Michael Kors.

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

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There was no immediate comment from either of the fashion companies.

Donatella Versace and her brother Santo Versace have helped run the company since their brother Gianni's murder in 1997. It is evident that Michael Kors desires to make the shift to a recognised luxury brand. A spokesman for Blackstone had no immediate comment.

"I can't tell you whether he is going to sell dresses for $100 or $300, but I can tell you he is going to find a way to reach a lot more customers by broadening its playing field", Weber says. However, Versace has struggled to grow sales, despite a luxury-fashion boom led by Chinese consumers. Tiffany & Co. LVMH, PVH Corp. and Tapestry have all shown interest in purchasing Versace. Donatella Versace is now the chief designer of Versace Group, and sister of its founder.

Italian Fashion House Versace opens the Haute Couture Fashion Week.

Versace's net profit last year was just under $22.7 million, compared with a net loss of $12 million the previous year.

Versace was founded by Gianni Versace in 1978.

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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