Michael Kors Is Reportedly Buying Versace for $2 Billion

Neilson Barnard  Getty Images Fans are begging Donatella Versace not to sell the company to Michael Kors

Again, Michael Kors is aiming to bolster its roster of luxury brands including those in the fashion, footwear, and accessories categories.

"The news of Versace's acquisition by Michael Kors Holdings will come as quite a shock to followers, admirers and customers of the iconic Italian brand, which has always been characterised by its fierce narrative and aesthetic as well as its strong family values and independence", said a note from Euromonitor International analyst Florence Allday. Versace declined to comment.

The transaction would be meant to position Michael Kors more fully as a competitor to Paris-based LVMH and Kering and the Swiss company Richemont among global heavyweights in luxury across various product lines, analysts said.

The potential Versace acquisition will bring Michael Kors a step closer to becoming a luxury fashion group.

More news: Kavanaugh accuser agrees to give evidence to Senate committee

Versace has been considering a listing, after US private equity group Blackstone bought a 20 percent stake in 2014 to fund overseas expansion, although Chief Executive Jonathan Akeroyd told Reuters earlier this year there was no rush for a market debut.

"I can't tell you whether he is going to sell dresses for $100 or $300, but I can tell you he is going to find a way to reach a lot more customers by broadening its playing field", Weber says.

Others have expressed interest in buying Versace, including Paris-based Kering, but some are insisting the price is too high.

In 2016, Versace poached Alexander McQueen's boss Jonathan Akeroyd to help it smarten up for a stock market listing, although that never materialised. "It was overpriced", the source said.

More news: Imran Khan writes to Modi for resumption of Indo-Pak dialogue

The Versace family, which owns the remaining 80% of the brand, will continue to have a role in the company, according to Bloomberg. Donatella herself owns 30 percent of the holding, with the remainder in the hands of her brother Santo.

Givi in turn is half-owned by Allegra Versace Beck, daughter of Donatella and niece of late founder Gianni.

Versace declined to comment.

Versace does not disclose its financial details, but documents deposited with the Italian chamber of commerce show that previous year it posted sales of 668 million euros (US$786 million) and earnings before interest, tax, depreciation and appreciation (EBITDA) of 44.6 million euros.

More news: Pep Guardiola blasts Manchester City sloppiness in Lyon wake-up call

Related News:

  • Tropical Storm Kirk forms in Atlantic Ocean

    The low near Bermuda may move toward the southeast coast. "Weakening is likely during the middle to latter part of the week". The depression had been approaching the Lesser Antilles but thanks to hostile winds only a cyclonic wisp of clouds remained.
    OPEC chief says Iran still 'very important' as US sanctions loom

    OPEC chief says Iran still 'very important' as US sanctions loom

    OPEC and non-OPEC producers Russian Federation started withholding oil supplies in 2017 to end a global glut and prop up prices. The kingdom, according to people briefed by Saudi officials, would prefer to be cautious.
    Sony PlayStation Classic brings 20 retro games on December  3 for $100

    Sony PlayStation Classic brings 20 retro games on December 3 for $100

    The RESET button on the console will now suspend games , with the OPEN button letting you change the "Virtual Disc" inside. Instead, they're based on the original PlayStation controller, which lacked the now-ubiquitous pair of analog sticks.
  • Kavanaugh Accuser Christine Blasey Ford To Testify Thursday

    Kavanaugh Accuser Christine Blasey Ford To Testify Thursday

    Ford and deprive her of the ability to make a considered decision that has life-altering implications for her and her family". Katz had called Grassley's original deadline "arbitrary" and said its "sole goal is to bully Dr.

    Theresa May demands 'respect' from European Union after Brexit humiliation

    It's time to say no to Chequers, no to further compromises, and, if necessary, no to any kind of deal that falls short of Brexit. But just minutes after he spoke, May insisted that her Brexit plan is the "only serious and credible" proposal on the table.
    Two shark attacks within 24 hours at Whitsundays in Australia

    Two shark attacks within 24 hours at Whitsundays in Australia

    On Friday, the woman was reportedly in a stable condition at a Brisbane hospital. The attack comes are a woman was attacked while snorkelling early last night.
  • Russia to send newer, S-300 missile defence systems to Syria

    Russia has said the S-200 system is not advanced enough for the Syrian military to distinguish Russian planes as friendly ones. Earlier in the war, Russian Federation suspended a supply of S-300, which Israel feared Syria could use against it.
    I’ve never seen Sturridge fitter at Liverpool than he is now - Klopp

    I’ve never seen Sturridge fitter at Liverpool than he is now - Klopp

    While last season all the praise was lavished on Liverpool's front three, so far it has been the midfield which has been winning all the plaudits.
    Pilot error: in India, injuring dozens of passengers

    Pilot error: in India, injuring dozens of passengers

    Without pressurization, the air becomes drier and thinner, leading to compromised membranes in the ears and nose. India's Ministry of Civil Aviation said in a tweet it had sought an "immediate report" from official agencies.
  • Jose Mourinho criticises Man United stars after Wolves draw

    Jose Mourinho criticises Man United stars after Wolves draw

    The Chilean has only netted three goals in 23 games for Jose Mourinho's side but Pogba insists his teammate will get better. The Frenchman played for Man United on the weekend in their 1-1 draw with Wolves .
    Iran vows to avenge deadly military parade attack

    Iran vows to avenge deadly military parade attack

    Iran also warned the United Arab Emirates over "offensive remarks" attributed to a UAE "political adviser" following the attack. Security forces killed three of them at the scene and another died later in the hospital from gunshot wounds, Shekarchi said.
    Boy arrested in Australia after admitting to putting needles in strawberries

    Boy arrested in Australia after admitting to putting needles in strawberries

    A nine-year-old boy from Queensland's Gladstone bit into a strawberry contaminated with a needle but fortunately wasn't pricked. We then checked the other strawberries and found another sewing needle lodged inside one of them. "It's a criminal act".


Most liked

Are Heat Emerging As Front-Runner For Jimmy Butler Trade?
Along with the Heat, the Cleveland Cavaliers are "highly interested" in Butler, a league source told Amico Hoops . In 59 games for the Timberwolves last season, Butler averaged 22.2 points per game on 47.4 per cent shooting.

Wolves focused on trading Jimmy Butler, report says
Derrick Rose , Taj Gibson and Jamal Crawford all played last season and team was being dubbed as "TimberBulls" in social media . The trio of Russell, Wiggins and Towns would give the Timberwolves a very talented core of players all under the age of 24.

Protecting the lead: Tiger Woods holds 54-hole lead at East Lake
Woods shot a final round 1-over 71 in Atlanta , Georgia on Monday (NZT). "The only hard part was getting my speed on the greens". Five years and four back surgeries later, Tiger Woods is a victor on the PGA Tour once again.

Rob Gronkowski was reportedly nearly traded to the Detroit Lions
Ultimately, he made a decision to return to the Patriots, who later restructured his contract in an act of good will. Through two games this season, Gronkowski has nine catches for 138 yards and a touchdown.

'I did not like my team': Mourinho fumes at United draw
He, however, refused to use fatigue as an excuse following their midweek Champions League game in Switzerland. Wolves, by the way, they faced the game , I think they deserve it".

Time almost up: Fierce Hurricane Florence aims at Southeast
Friday bulletin , Florence was about 10 miles east of Wilmington, N.C., and about 80 miles east-northeast of Myrtle Beach, S.C. Still says residents "can expect to have that wind to the tune of 100 mph-plus stay on us for considerable period of time".

Sex attack accuser may testify against court nominee
I think she blew the deadline because it was a way to give the GOP in general, and Grassley in particular, a thumb in the eye. EDT Friday to decide whether she would testify on Wednesday without numerous conditions she had requested for the hearing.

Manchester City midfielder Kevin De Bruyne targets blockbuster return from knee injury
The Club's all-time leading goalscorer now has 204 goals in all competitions. "My idea was being here for 10 years". He's an important player for the club, not just for the team".

Samsung Galaxy A7 2018 unveiled with triple camera, Infinity Display
The screen on the Samsung Galaxy A7 is a 6.0-inch Super AMOLED Infinity Display with FullHD+ resolution (1080x2220 pixels). One change being predicted is that the Samsung Galaxy S10 will be sold in many colours and very attractive ones at that.

Won, won and won! Browns beat Jets for first win since 2016
Landry then lofted a pass into the end zone to Mayfield, whose conversion tied it and sent Cleveland fans into a frenzy. Darnold completed 15-of-31 passes for 169 yards and two picks, the last coming in the final seconds of the game.

Five people, including 3 infants found stabbed at NY daycare
CBS New York reports that the daycare was in a home and it was not yet clear if it was being run as a licensed care center. At least five people including three infants were stabbed early Friday morning in an overnight daycare.

Kavanaugh sex assault accuser willing to testify in showdown at Senate committee
Dianne Feinstein (D-Calif.) in July, shortly after Trump chose Kavanaugh as the nominee for Supreme Court justice. Prof Ford earlier declined the Senate's offer to testify unless the FBI began investigating the judge.

Woman Accusing Judge Kavanaugh of Sexual Assault Wants FBI Probe
Fellow Republican Susan Collins of ME said on Wednesday that she hopes Prof Ford "will reconsider and testify" on Monday. Grassley said the hearing would be televised and would include just two witnesses, Ford and Kavanaugh.

Catalogue of Ronaldo’s 10 other red cards since 2004
In group E, former European champions, Ajax, will take on AEK Athens of Greece, while Portugal's Benfica will host Bayern Munich. Unless the red card gets rescinded, he will be suspended for Juventus' match against Manchester United .

Japan fashion guru Maezawa lands first SpaceX moon flight
SpaceX announced last month that its first crewed Dragon mission aims to take two NASA astronauts to the ISS in April 2019. It's unclear what kind of training Maezawa will go through before touring the moon.