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 yearVersace returned to a net profit of just under 15 million euros compared with a net loss of 7.9 million euros the previous year.
He added US tariffs on hundreds of billions of dollars of Chinese products could prompt the country to export elsewhere. Mr Ma pointed to business opportunities in other regions such as Europe, South America, Russia and Africa, Xinhua said.
Amazon Echo relies on Microsoft's Bing search engine and Wikipedia, while Google Home uses the company's own Google Search. A survey from digital agency Acquity detailed that by 2019, nearly two-thirds of people plan to own a smart home device.
During his four seasons at Florida Atlantic, Joseph converted 57 of his 82 field goal attempts for a career percentage of.695. The bad: Everything else, with the most recent heartbreak coming in a 21-18 loss that gave the Browns a 0-1-1 record.
A caller lost his temper with the Labour front bench for "changing their stance" on Brexit and the idea of a second referendum. The move was quickly dropped but party leader Jeremy Corbyn refused calls to offer his support for the under-fire MP .
Want a custom Alexa for your dang auto ? The 2nd gen Echo Plus can now be pre-ordered for $149.99 and will launch on October 11th. After speculations and leaks on their own websites, Amazon revealed a slate of new hardware at a surprise Echo Alexa event.
The women making the allegations, Trump said, "were coming out of the woodwork and, he said, "in my opinion totally political". Since then, her lawyers and committee staff have been negotiating the conditions of her testimony. "I hope she comes".
I imagine his message to the squad is: look, everyone is against us, let's stick together and do what we have to do. Rojo did play for the U23's last week but is still not ready for first team action just yet.
Kavanaugh was seen Monday morning arriving at the White House, which has stood by the judge in the face of the accusations. Flake told Politico he was "not comfortable voting yes" on the nomination until he learned more about Ford's allegations.
Now we have to prove that and do it again and again and again. "We have, I'm not sure, but maybe an injury with Roberto". The Brazilian footballer recently received a painful injury at Tottenham Hotspur , during the Saturday's 2-1 win.
Modric, Marta win Best FIFA player 2018 awards
However, the awardees were selected based on voting from national team coaches and captains as well as a number of journalists. France boss Didier Deschamps picked up the best manager award after guiding his nation to their second World Cup victory.
Survivor found inside capsized Tanzania ferry; toll hits 209
According to him, the ferry has a capacity of carrying only 100 passengers and 25 tonnes of cargo but it had more than 400 people. Magufuli said on Friday initial investigations showed that the cause of the accident was overloading, The Citizen reported .
Brett Kavanaugh accuser to give evidence before Senate
Ford and deprive her of the ability to make a considered decision that has life-altering implications for her and her family". Katz said in an email released by the Washington Post's Seung Min Kim that the deadline was intended "to bully Dr.
Arrested Demonstrating Support For Christine Blasey Ford
Since Ford has filled out the troubling details of her accusation and attached her name to them, they can not treated so casually. Asked if he would ask the FBI to open a deeper investigation, Trump said he was content to "let the senators do it".
Apple fans in Singapore get hands on new iPhones
It has a 6.4-inch screen, a stylus, an iris reader, and even the ability to plug in a keyboard, mouse and desktop-sized monitor. It can also be bought on FNB credit cards starting from R689 per month for iPhone Xs 64GB , and R755 for the iPhone Xs Max.
Amazon May Open 3,000 Stores in Next Three Years
Amazon has become the world's largest online retailer by offering a vast selection and quick, convenient delivery. Walmart , trading higher before Bloomberg's report, fell afterward, ending trading Wednesday down 0.2 percent.