Versace Set to Be Bought by Michael Kors in $2 Billion Deal
- 6 years ago
Versace Set to Be
Bought by Michael
Kors in $2 Billion Deal The deal is in advanced
talks and could be
announced by Michael
Kors as early as this week. The Versace family continues to own 80% of the Italian fashion house, which was founded 40 years ago by fashion icon Gianni Versace. The Blackstone Group owns the other 20%. Versace's sales
equated to over
$800 million in 2016. Handbag maker
Michael Kors also owns
luxury shoemaker
Jimmy Choo, It's thought that Kors is seeking to create a U.S. multibrand fashion empire similar to fashion conglomerates in Paris. Neither Versace, Blackstone
or Michael Kors commented
on the deal.
Bought by Michael
Kors in $2 Billion Deal The deal is in advanced
talks and could be
announced by Michael
Kors as early as this week. The Versace family continues to own 80% of the Italian fashion house, which was founded 40 years ago by fashion icon Gianni Versace. The Blackstone Group owns the other 20%. Versace's sales
equated to over
$800 million in 2016. Handbag maker
Michael Kors also owns
luxury shoemaker
Jimmy Choo, It's thought that Kors is seeking to create a U.S. multibrand fashion empire similar to fashion conglomerates in Paris. Neither Versace, Blackstone
or Michael Kors commented
on the deal.