Michael Kors inches closer to buy Versace

Versace for sale? Italy's family fashion house rumoured to be bought out

Artistic Director of the fashion giant and Vice President of the company said to be worth about $2 billion, Donatella Versace, has reportedly called a meeting in Milan for Tuesday.

Investors were skeptical: Shares in Michael Kors dropped 7% on Monday.

Michael Kors could not immediately be reached for comment.

Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan, Italy, September 21, 2018. Analysts have suggested that Michael Kors is aiming for a portfolio of high-end brands, similar to European holding companies like LVMH.

USA fashion group Michael Kors Holdings Ltd. has agreed to take control of Italy's Versace in a deal that could value the company at $2 billion United States, sources familiar with the matter said on Monday.

Reacting to the potential sale, Graham Hitchmough, chief operating officer at Bonsey Design, said that the potential sale of Versace to Michael Kors just represents the latest in a wave of consolidation within the fashion industry.

If the deal goes through, Kors could potentially turn one of the world's most highly regarded luxury clothing brand into a household name, according to fashion insiders.

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Others worry that the reported price tag for Versace looks rich. Versace, whose namesake designer was gunned down in 1997 by aserial killer, is a brand that "some perceive as past its peak", said Craig Johnson, president of Customer Growth Partners.

As one of the few remaining major independent Italian fashion brands, Versace has always been an attractive target for other fashion groups looking to expand and diversify- with the Chinese market driving increasing demand for luxury labels.

It has been less than a year since Kors shelled out $1.2 billion to buy Jimmy Choo.

"Blackstone wasn't going to put any more money into it". Meanwhile, the Versace family owns around 80% of the company and will continue to have a role under any agreement, Bloomberg's report added. Donatella Versace holds 20 percent, her brother Santo 30 percent and Donatella's daughter Allegra 50 percent. A spokesman for Blackstone had no immediate comment.

Versace fans are revolting after reports that the iconic Italian designer is about to be bought by Michael Kors.

He added that the biggest challenge for Versace will be to re-energise the brand and make it relevant to younger generations, particularly in Europe and Asia, while keeping a smooth and productive relationship with the family. The 40-year-old fashion house returned to profit in 2017 and reported revenue of almost $800 million.

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