Published: Thu, September 27, 2018
Markets | By Terence Owen

Michael Kors Close to Deal for Versace

Michael Kors Close to Deal for Versace

Stephen Schwarzman's Blackstone Group owns the remaining 20 percent and is reportedly looking to get out. This also saw comments being left on Donatella Versace's Instagram posts telling her not to sell the brand to Michael Kors. And it comes as the Michael Kors business still hasn't been turned around, despite some progress made. A spokesman for Blackstone had no comment.

French fashion houses including Paris-based Kering were among those holding talks with the Versace family, the sources said, but considered the price too expensive. The Kors group bought British label Jimmy Choo for £896 million past year, 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.

The Versace purchase would give the Kors Holding company more high fashion credibility in the luxury space. These awesome fashions an. Tapestry, formerly Coach, owns Stuart Weitzman and previous year it acquired Kate Spade.

Headquartered in London, Michael Kors who has its roots are in the USA, could announce a deal as soon as this week, said the reports which cited unnamed sources.

Versace, known for its flamboyant style and Medusa-head logo, hired CEO Jonathan Akeroyd in 2016 from Alexander McQueen.

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Versace had planned to float the company on the stock market but put the plans on hold owing to unfavourable conditions.

The Versace family, which now owns 80 percent of the fashion house via a holding company called Givi, will receive 150 million euros of the purchase price in Capri shares. Donatella Versace now serves as its creative director, while Santo Versace is its chairman.

Italian newspaper Corriere della Sera reported earlier that Versace could be sold this week for about US$2b, with several groups interested including Kors and Tiffany & Co.

Last year it returned to a net profit of just under 15 million euros compared with a net loss of 7.9 million euros the previous year. She is artistic director of the fashion house.

Versace was founded by Gianni Versace in 1978.

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