Versace rumoured to be Going on Sale soon

Why Michael Kors Is on the Verge of Buying Versace

Why Michael Kors Is on the Verge of Buying Versace

Known for its baroque designs, Versace drew interest from several suitors, people familiar with the plans said.

Luxury brand Michael Kors is close to a deal to buy hallowed Italian fashion house Versace for about US$2 billion (S$2.7 billion), financial media reported Monday (Sept 24).

Donatella Versace has run the label since her brother was murdered.

Their sibling Gianni Versace, who founded the company in 1978, was killed in 1997. "No" * Pants or boots - or both?

Stephen Schwarzman's Blackstone Group owns the remaining 20 percent and is reportedly looking to get out.

Michael Kors and Tiffany could not immediately be reached for comment.

Michael Kors's sales in 2017 were $4.7 billion, up from less than $800 million in 2011 when the company went public. A spokesman for Blackstone had no comment. The Kors group bought British label Jimmy Choo for £896 million a year ago, and announced a 26.3 per cent rise in revenue in the quarter ending in June 2018, with Choo contributing 17.2 per cent of the overall figure. Now, it's vying with Coach owner Tapestry Inc.to build a US -based multi-brand fashion empire along the lines of Paris-based conglomerates LVMH and Kering SA.

An acquisition by Michael Kors would be a landmark deal for the fashion industry, with an American company taking over an Italian icon. These unbelievable fashions an.

London-based Kors previous year snapped up shoemaker Jimmy Choo Plc for about $1.2 billion.

But word that a deal is close sent Kors shares down nearly 9 per cent to as low as US$66.33 in NY on Monday, the biggest intraday drop since May 30. However, Versace has struggled to grow sales, despite a luxury-fashion boom led by Chinese consumers.

Versace had planned to float the company on the stock market but put the plans on hold owing to unfavourable conditions. The 40-year-old fashion house returned to profit in 2017 and reported revenue of almost $800 million. Serving as the artistic director and vice-president of the group, she has called a staff meeting in Milan for Tuesday.

Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan, Italy, September 21, 2018.

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