Michael Kors is on a mission to take over the fashion world by adding other brands to their portfolio. In 2017, Michael Kors bought Jimmy Choo for $1.2 Billion and now the brand is ready to add Versace to their list.
Early Monday, rumors began to circulate about Michael Kors’ plan to acquire the iconic Italian design house for about $2 Billion.
According to Elle, if Michael Kors acquires the brand, the Versace Family will no longer have ownership of its namesake label for the first time since Gianni Versace founded the design house almost 40 years ago. Donatella Versace, sister of the late Gianni, and the Versace family currently own 80 percent of the company after selling 20 percent to US private equity group Blackstone in 2014. If the purchase goes through, the Versace family will still have a role in the company in some capacity, but Blackstone will sell its stake in the company.
Sources say that an official buyer would be announced as early as Tuesday. Other potential buyers include Tiffany & Co. LVMH, PVH Corp. and Tapestry. There are currently no official agreements at this moment.
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