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

Why Michael Kors Is on the Verge of Buying Versace

A representative for Versace declined to comment on the potential transaction.

Bloomberg reports the buyer as Michael Kors Holdings, which would take over private investor Blackstone's share and preserve the Versace family's involvement.

The rest of the company is held by the Versace family.

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.

The paper added the brand, known for its Medusa head logo, could be valued at $2 billion.

Michael Kors could not immediately be reached for comment.

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London-based Kors a year ago snapped up shoemaker Jimmy Choo Plc for about 896 million pounds ($1.2 billion), expanding beyond its namesake brand.

WWD reported that sources said Blackstone could be looking for an exit in the next few months, given how long they've already held on to the asset, and selling to another private equity fund was unlikely.

"Blackstone wasn't going to put any more money into it. It was overpriced", the source said.

The Italian fashion icon had been considering a market listing after US private equity group Blackstone bought a 20 percent stake back in 2014 to fund overseas expansion.

An official announcement is expected this week, the sources said.

Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan on Friday. The 40-year-old fashion house returned to profit in 2017 and reported revenue of almost $800 million.

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