Michael Kors to buy out Versace for at least $2B

Getty Images  Antony Jones

Donatella Versace, the brand's vice-president and artistic director, has called an all-staff meeting for Tuesday to announce the deal, according to the Italian newspaper Corriere della Sera.

Celebrity shoemaker Jimmy Choo, luxury jeweller Tiffany & Co and United States fashion group Michael Kors Holdings were listed as possible buyers.

The Versace family, which owns the rest of the company will keep a role.

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Versace has been considering a listing, after USA private equity group Blackstone bought a 20 percent stake in 2014 to fund overseas expansion, although Chief Executive Jonathan Akeroyd told Reuters earlier this year there was no rush for a market debut.

Versace, which makes more than half of its sales in Asia, would be a crown jewel for Michael Kors Holdings (kors), which past year purchased shoe brand Jimmy Choo for $1.2 billion. Its chief executive, Jonathan Akeroyd, said earlier this year that he expected the brand to achieve sales of more than €1bn (£895m) in 2018, up from €686m in 2016, the latest available figures.

Gianni Versace was 50 when he was murdered outside his Miami mansion in July 1997 by Andrew Cunanan.


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