Versace set to be sold in $2bn deal

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

It didn't get any hotter on the runway at this years Paris Fashion Week then the The Finale Versace Fashion Catwalk Haute Couture Fashion Show with celebs like Gigi Hadid.

Donatella Versace, the firm's artistic director and vice-president, has called a staff meeting in Milan for Tuesday, Corriere della Sera reported.

Investors appeared mixed on the linkup; Kors' stock fell six percent following the stories reporting the deal.

Last year, Versace brought back former top models Carla Bruni, Claudia Schiffer, Naomi Campbell, Cindy Crawford and Helena Christensen to the fashion house's catwalk. Analysts have suggested that Michael Kors is aiming for a portfolio of high-end brands, similar to European holding companies like LVMH.

Another comment reads: "Don't let the rancid oppressive stain of a fashion house known as Michael Kors take away what made Versace great".

Among possible buyers are said to be Jimmy Choo, Tiffany & Co, and Michael Kors Holdings.

The deal would give Michael Kors the ability to "properly compete with Kering's power brand, Gucci", she added, noting that the consolidation in the fashion creates risks of for smaller brands that stay independent "of being left behind" and unable "to afford the exposure" of a bigger company.

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Blackstone Group LP owns 20 percent of Versace, which sells leopard-print sweatshirts for 2,100 euros ($2,470) and 995-euro tartan-covered sneakers.

Shares in New York-listed Michael Kors, which previous year acquired show brand Jimmy Choo for £896million, fell by more than 8 per cent on the rumours.

Luxury fashion brand Versace according to reports will soon be sold.

Gianni Versace was 50 when he was murdered outside his Miami mansion in July 1997 by Andrew Cunanan.

"They didn't feel the need to invest so much money into another Italian fashion brand".

The Versace family, which now owns 80 percent of the fashion house via a holding company called Givi, will receive 150 million euros of the purchase price in Capri shares. A spokesman for Blackstone had no comment. However, Versace has struggled to grow sales, despite a luxury-fashion boom led by Chinese consumers. The 40-year-old fashion house returned to profit in 2017 and reported revenue of almost $800 million.

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