Versace Set To Be Sold To Michael Kors In $2.1 bn Deal

Versace, the Italian fashion house founded by Gianni Versace 40 years ago, was bought by Michael Kors.

The US fashion group has agreed to buy the Italian firm in a deal worth about €1.7bn ($2bn, £1.5bn), Reuters reported. The Versace family still owns 80% of the company. Four years ago it sold a 20% stake to US private equity group Blackstone.

Last year, Michael Kors bought Jimmy Choo, the luxury shoemaker founded in London, for almost £900m.

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.FOLLOW Instagram - kemikingblog Facebook - jaiyeorie Weddings - jaiyeorieweddings Advertise/ send gist to us - jaiyenews@gmail.com ... spill TEA Easy on Shade #jaiyeorie