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Versace Set To Be Sold To Michael Kors For $2bn

Italian fashion house, Versace which was founded by Gianni Versace 40 years ago, is set to be bought by Michael Kors.

Models present creations at the Versace show during Milan Fashion Week earlier this month. | Source: Wall Street Journal

Donatella Versace, the firm’s artistic director and vice-president, has reportedly called a staff meeting in Milan for Tuesday, Corriere della Sera reported. Versace reported sales of €686m in 2016. Chief executive Jonathan Akeroyd said earlier this year that annual turnover was soon expected to exceed €1bn

It is learnt that the US fashion group has agreed to buy the Italian firm in a deal worth about €1.7bn ($2bn, £1.5bn), This is coming just a year after Michael Kors bought Jimmy Choo, the luxury shoemaker founded in London, for almost £900m.

Reports have it that the Versace family still owns 80% of the company although it sold a 20% stake to US private equity group Blackstone, four years ago.

 

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