Versace Set To Be Sold To Michael Kors For $2bn

Versace Set To Be Sold To Michael Kors For $2bn

- in World Entertainment
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Italian fashion house, Versace which was founded by Gianni Versace 40 years ago, is set to be bought by Michael Kors.

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Donatella Versace, the firm’s artistic director and vice-president, has reportedly called a staff meeting in Milan for Tuesday, Corriere della Sera reported. Versace reported sales of €686m in 2016. Chief executive Jonathan Akeroyd said earlier this year that annual turnover was soon expected to exceed €1bn

It is learnt that the US fashion group has agreed to buy the Italian firm in a deal worth about €1.7bn ($2bn, £1.5bn), This is coming just a year after Michael Kors bought Jimmy Choo, the luxury shoemaker founded in London, for almost £900m.

Reports have it that the Versace family still owns 80% of the company although it sold a 20% stake to US private equity group Blackstone, four years ago.

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