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Versace Set to Be Sold to Michael Kors for $2 Billion

Versace Set to Be Sold to Michael Kors for $2 Billion

Versace is due to be sold to Michael Kors, according to recent reports. According to Italian newspaper Courier della Serra, Donatella Versace called a staff meeting for Tuesday, when the official announcement would be made. Speaking to the paper, Versace declined to comment on the report.

The brand is rumored to be selling to Michael Kors or jeweller Tiffany & Co, with a value price of $2 billion. The brand had previously sold a 20% stake in 2014 to US private equity group Blackstone. Earlier this year, chief executive Jonathan Akeroyd told Reuters that there was no rush for an appearance on the stock market.