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.


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.

Related News:

  • Melbourne airport lockdown lifted after breach of security

    Melbourne airport lockdown lifted after breach of security

    The young Sankat has been attending FIT since 2014 and recently petitioned to graduate in 2019, according to university officials. F-15 jets were scrambled to chase the plane, which crashed on Ketron Island, between Tacoma and Olympia, killing the pilot.
    Ireland's foreign minister calls for Brexit deal talks to be ramped up

    Ireland's foreign minister calls for Brexit deal talks to be ramped up

    But with the talks deadlocked, Kurz confirmed Thursday there would be a final summit in November to clinch the deal. Mr Varadkar said he is working to secure a deal before the end of the year, but preferably sooner.
    7 takeaways from 49ers loss to Chiefs

    7 takeaways from 49ers loss to Chiefs

    Garoppolo started the 49ers' first three games, throwing for 718 yards and five touchdowns this season. "I feel for him". It will be interesting to monitor whether or not Goodwin is limited at all, but I'd expect him to be full go.
  • Maldives' president concedes loss to opposition candidate

    Maldives' president concedes loss to opposition candidate

    But after President Yameen declared a state of emergency and ordered the arrest of two judges, the court reversed its decision. Yameen - the half-brother of ex-President Abdulla Gayoom who ruled the country for almost 30 years - became the President .
    Bill Cosby faces sentencing over sex assault

    Bill Cosby faces sentencing over sex assault

    According to TMZ , Cosby will be sentenced on Monday and prosecutors want him to put behind bars immediately after his sentencing. The answers will begin to emerge Monday, when the 81-year-old comedian appears in court in Pennsylvania for his sentencing.
    Pontiff accepts resignations of two more Chilean bishops: Vatican

    Pontiff accepts resignations of two more Chilean bishops: Vatican

    He has said the church failed "to listen and react" to the allegations, but vowed to "restore justice". An entire Chilean delegation of 34 bishops tendered their resignation to the pope in May.
  • SiriusXM to Acquire Music Streaming Company Pandora

    Notably, Pandora invested a lot of time and money in developing its advertising business and setting up regional offices. As it turns out, the next step in this strategy is a corporate acquisition, made official earlier today by SiriusXM .
    Vatican announces deal with China

    Vatican announces deal with China

    An eighth bishop, who died previous year , was also posthumously recognised by the Vatican. For China, this decision by the Vatican is belated.
    Canterbury MP Rosie Duffield says anti-Semitic Labour party members should visit Auschwitz

    Canterbury MP Rosie Duffield says anti-Semitic Labour party members should visit Auschwitz

    Mr Corbyn told the Mirror in an interview today: "If this Government can't deliver Brexit then it must move over and have a General Election".
  • Trump says no decision on whether to fire Rosenstein

    Trump says no decision on whether to fire Rosenstein

    Trump announced on January 31, 2017 he would nominate Rosenstein to be deputy attorney general. A wrench was thrown in the Brett Kavanaugh Supreme Court nomination hearings after Dr.

    Russian Federation says will send newer S-300 missile systems to Syria

    Since intervening in Syria's war , Russian Federation has generally turned a blind eye to Israeli attacks inside the country.
    DNA, genealogy sites used to catch accused serial rapist

    DNA, genealogy sites used to catch accused serial rapist

    Waller has been formally charged with two attacks that occurred in Sacramento , officials said. Authorities had recovered DNA from numerous crime scenes, but were unable to make a match.


Most liked

ABC managing director Michelle Guthrie sacked after several months of talks
The changes have not gone down well: ABC staff have leaked some management communications and ridiculed HR initiatives. Former media lawyer and Google executive Michelle Guthrie takes over from Mark Scott as the ABC's managing director.

Bumblebee Trailer Features OG Optimus, Soundwave, Ravage
Paramount Pictures has released a new global trailer for the Transformers prequel movie Bumblebee . The studio convened a writers' room to brainstorm ideas for the Transformers cinematic universe.

Nokia 5.1 Plus Unboxing & First Look
Being an Android One smartphone, the Nokia 5.1 Plus boots Android 8.1 Oreo out of the box with September 2018 security patches. On the camera front, the handset boasts of an 8-megapixel selfie camera with f/2.2 aperture and 80.4-degree FoV.

Brett Kavanaugh: Second woman accuses US Supreme Court nominee of sexual misconduct
President Donald Trump has defended his Supreme Court nominee and questioned why Ford did not report the incident to police. Lisa Murkowski, and two retiring male Senate Republicans who have said they wanted to hear from Ford, Tennessee Sen.

Tropical Storm Kirk moves westward over Atlantic
Clouds will continue to build through the morning hours over this time period, inhibiting temperatures from breaking into the 90s. Passing showers will keep temperatures bouncing through the 80s most of the day, but should drop into the 70s around 8 PM.

Iran rejects calls from United States to abandon missile program
Iran will be scrambling to determine the motives for the Saturday's high-profile attack as it faces growing US pressure. Of the 25 people killed at Saturday's parade, 12 were from Ahvaz and the rest from elsewhere in Khuzestan province.

Golf Fans Rejoice As Tiger Woods Ends Drought, Wins Tour Championship
But it is hard not to be stirred by the implausibility of it all, by the romance of a renaissance that nearly no-one saw coming. Amid Tiger Woods " remarkable comeback victory, golf pundits have been left in shock by an insane "never-before-seen' moment.

Japan's Hayabusa 2 mission lands on target asteroid
The rovers move by "hopping" up to 15 metres at a time because the extremely weak gravity on the asteroid makes rolling hard . The rovers are also equipped with temperature gauges and optical sensors as well as an accelerometer and a set of gyroscopes.

Could you stay 30 hours in a coffin?
The "coffin dwellers" will get designated bathroom breaks but will be disqualified for leaving their coffin for any other reason. The theme park's website states that six coffin dwellers will be selected to spend 30 hours in a coffin beginning at 1 p.m.

Bills Pull off Biggest NFL Upset Since 1995 With Win Over Vikings
Instead, they spent Sunday looking like a hopeless collection of lost causes that in no way resembled a contender. The 0-2 Bills are off to a rough start in 2018, and are expected to be in tough against the undefeated Vikings.

Tiger Woods shares Tour Championship lead
And Fowler, the world No. 9 who took off the first two playoff events to rest an injured oblique muscle, appears fully recovered. If you drive the ball in the rough, you can't get the ball close here. "Made it very stress free".

Multiple Cases Of West Nile Virus Confirmed In Kansas Horses
In fact, according to the Center for Disease Control and Prevention , only one out of five people who are infected will feel sick. However, those who do might complain of fever, headache, muscle and joint ache, nausea and vomiting, diarrhea, and rash.

Ripple is all set to launch xRapid
The digital coin has gained 9.5% over the past 24 hours, according to data from cryptocurrency tracker Coinmarkecap. Bitcoin (BTC ) is still ranked number one, with a market cap of around $116 billion.

Needle found in Australian strawberries sold in New Zealand
Needles were found in a punnet of strawberries sourced from Western Australia which was bought in a Countdown in Auckland. The widespread concern over needles found in tampered boxes of strawberries across Australia has spread to New Zealand .

49ers fear Garoppolo tore ACL in loss to Chiefs
San Francisco coach Kyle Shanahan said after the game that the team feared Garoppolo had a torn ACL. Non-contact injuries have a history of being long-term problems, but it's still too early to tell.