Michael Kors reportedly buying Italy's Versace for $2 Billion

Why Michael Kors Is on the Verge of Buying Versace
Versace to be sold to US label Michael Kors for $2bn, sources say
Author

27 September, 2018

According to Italian newspaper Courier della Serra, Michael Kors is gearing up to purchase Versace for $2 billion. Versace is of course one of the most recognizable and beloved high-fashion outfits in the world. Just a year ago the handbag designer purchased British shoe label Jimmy Choo for $1.7 billion AUD. Tapestry, formerly Coach, owns Stuart Weitzman and past year it acquired Kate Spade. The private equity firm plans to sell its stake in the deal, according to a person familiar with the situation.

Michael Kors may announce a deal as early as this week that values Versace at about US$2 billion (NZ$3.1 billion), said the people, who asked not to be identified as the discussions are private.

Michael Kors is reportedly nearing a deal to buy iconic Italian luxury designer Versace. Versace and Michael Kors declined to comment.

The reports of a sale come as Michael Kors has made it clear that it wants to transform itself into a house of luxury brands, starting previous year with its acquisition of Jimmy Choo, made famous for its "Sex and the City" stilettos.

We reached out to Michael Kors for comment and will update if we hear back.

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As part of the deal, Blackstone will fully exit the Italian company, while the Versace family, which owns the rest of the fashion house, will keep a role, the sources said.

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

While she has since recovered and still runs Versace, the company is only modestly profitable, generating about $18 million in profits on $822 million in sales previous year. Tiffany & Co. LVMH, PVH Corp. and Tapestry have all shown interest in purchasing Versace. Donatella Versace now serves as its creative director, while Santo Versace is its chairman.

Last year Versace returned to a net profit of just under 15 million euros compared with a net loss of 7.9 million euros the previous year. Serving as the artistic director and vice-president of the group, she has called a staff meeting in Milan for Tuesday. She closed the collection by walking the runway herself, arm-in-arm with 1990s models including Carla Bruni and Cindy Crawford.


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