USA fashion group Michael Kors Holdings Ltd has sealed an agreement to take control of Italy's Gianni Versace SpA, three sources familiar with the matter said on Monday, adding that an official announcement would be made this week. He's not buying a new baroque-inspired coat or redecorating his home with Versace's home collection, but may be buying the entire company for a cool $2 billion, aka the same cost as 493,827 limited edition Palazzo Empire bags.
USA fashion group Michael Kors Holdings Ltd. has agreed to take control of Italy's Versace in a deal that could value the company at $2 billion United States, sources familiar with the matter said on Monday.
At the time of founder Gianni Versace's death, the company had been making plans for a listing on the New York Stock Exchange, but it has remained private ever since.
The leader of the pack is every mom's favorite handbag maker, Kors.
Donatella Versace, who has helped run the company with her brother Santo Versace since the murder of their sibling Gianni in 1997, has called a meeting with employees on Tuesday to announce the sale, according to two people familiar with the situation.
A spokesperson for Michael Kors did not immediately comment on the reports.
French luxury group LVMH, led by billionaire Bernard Arnault, took full control of Christian Dior, in a €12bn deal that reunites the fashion house with the perfume and other Dior brands.LVMH, owns Dior perfumes and beauty after a deal in the 1960s to raise capital for the then-struggling brand.
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The Reds finished in the top four and lost to Real Madrid in the Champions League final last term thanks in part to Salah's goals. It's a different situation and that's all. "He had, for sure, moments like this, but he's such a positive [person]".
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.
"Blackstone wasn't going to put any more money into it".
Again, Michael Kors is aiming to bolster its roster of luxury brands including those in the fashion, footwear, and accessories categories. While talks are advanced, no final agreements have been reached, the people said. Both companies have declined to comment on the matter for now, however. "It was overpriced", the source said.
Italian fashion giant Versace is about to be sold, the country's biggest-selling newspaper said Monday, citing anonymous sources who suggested the deal could come in the next few hours.
An official announcement is expected this evening or tomorrow at the latest, according to Italian press agency Ansa.
Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan, Italy, September 21, 2018.
Versace's net profit last year was just under $22.7 million, compared with a net loss of $12 million the previous year.