Michael Kors will buy Versace for $ 2 billion. American designer and brand founder Michael Kors
24.09.2018 1910

Michael Kors will buy Versace for $ 2 billion.

Several publications confirm plans for the purchase of luxury Italian brand Versace by the American fashion holding Michael Kors. Reuters writes that a deal valued at $ 2 billion will be announced next week.

Michael Kors Holdings Ltd will add Versace to its portfolio of brands, in which the luxury brand Jimmy Choo also appeared last year; it was acquired by the group for $ 1,2 billion.

Versace was founded in 1978 by Gianni Versace, who died in 1997. After the founder’s death, his sister Donatella Versace, as vice president of the company, also assumed the role of creative director of the brand, and his older brother Santo Versace became the head of the enterprise.

Before the deal with Kors, it was rumored that Versace was going for an IPO after Blackstone, an American investment company, acquired 2014% of the brand in 20. However, according to a source in Blackstone, Reuters writes that the investment company was disappointed in this investment and does not consider Versace as an IPO candidate. Gradually, Blackstone convinced the Versace family of the feasibility of selling the brand and introduced it to a number of potential buyers, including Michael Kors.

As part of the deal, Blackstone will sell its stake in the business, while the Versace family will remain at the helm. Donatella Versace, who is currently the vice president and creative director of the brand, plans to meet with staff on September 25th.

Several publications confirm plans for the purchase of luxury Italian brand Versace by the American fashion holding Michael Kors. Reuters writes that the deal, valued at $ 2 billion, ...
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