Michael Kors Rumored To Purchase Versace For $2 Billion This Week

Image      Donatella Versace has reportedly called a staff meeting on Tuesday

Neither Versace nor Kors responded to a request for comment.

Donatella Versace attends The Metropolitan Museum of Art's Costume Institute benefit gala on May 7 in NY.

"The news of Versace's acquisition by Michael Kors Holdings will come as quite a shock to followers, admirers and customers of the iconic Italian brand, which has always been characterised by its fierce narrative and aesthetic as well as its strong family values and independence", said a note from Euromonitor International analyst Florence Allday. Michael Kors already owns Jimmy Choo, is reportedly signing a deal to buy Gianni Versace SpA.

The leader of the pack is every mom's favorite handbag maker, Kors.

On Monday, outlets including Bloomberg and The Wall Street Journal reported that Michael Kors was close to acquiring the Italian luxury designer for roughly $US2 billion. And it comes as the Michael Kors business still hasn't been turned around, despite some progress made.

Blackstone Group LP owns 20 percent of Versace, and it is unclear if they will be selling their stake as well. CEO Jonathan Akeroyd stated that the group boasted sales of $760 million in 2016 and turnover is expected to exceed by more than a billion in the "short term".

The brand has been at its most prominent in years since a hit show last September at Milan Fashion Week.

Michael Kors, whose namesake label is best known for its leather handbags, has made no secret of its ambition to grow its portfolio of high-end brands after swooping on British stiletto-heel maker Jimmy Choo for $1.2 billion past year. Versace declined to comment. "It was overpriced", the source said.

Donatella Versace, sister of late founder Gianni Versace, has called a staff meeting for Tuesday, according to a Reuters source with links to employees at the company.

It is unclear whether the Versace family, which has controlled the brand for decades, would remain as minority shareholders in the business or if Donatella Versace would stay on as creative director.

He added, " Versace has struggled to grow sales.

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.

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