Why Michael Kors Is on the Verge of Buying Versace

Versace for sale? Italy's family fashion house rumoured to be bought out

Versace, known for its flamboyant style and Medusa-head logo, hired CEO Jonathan Akeroyd in 2016 from Alexander McQueen.

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

The Versace family owns the rest of the company.

Celebrity shoemaker Jimmy Choo, luxury jeweller Tiffany & Co and USA fashion group Michael Kors Holdings were listed as possible buyers.

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

More news: Cosby to fight 'sexually violent predator' tag at sentencing

Donatella Versace is the brand's creative driver.

Corriere della Sera reported earlier that Versace could be sold this week for about $2 billion, with several groups interested including Kors and Tiffany & Co LVMH, PVH Corp and Tapestry also looked at Versace in recent months, according to a report on Sunday by Women's Wear Daily. Michael Kors couldn't immediately be reached. Private-equity giant Blackstone Group, which owns 20% of Versace, is selling its stake in the business as part of the deal, one person said.

Neil Saunders, managing director of the consultancy GlobalData Retail, said that buying Versace would add a "big-hitting brand with true global status into Michael Kors' stable".

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

Four years ago it sold a 20% stake to USA private equity group Blackstone.

Related News:

  • A Rope Snapped, and 49 Days Lost at Sea Followed

    A Rope Snapped, and 49 Days Lost at Sea Followed

    One day his rompong was circle by a shark. "He drank by sipping water from his clothes that had been wetted by sea water". Aldi Novel Adilang, 19, is a lamp keeper for a floating fish trap which was located 77 miles off the coast of Indonesia.
    Petrol Price Crosses 90 Rupees In Mumbai, Cheapest In Delhi Among Metros

    Petrol Price Crosses 90 Rupees In Mumbai, Cheapest In Delhi Among Metros

    On Sunday, Kolkata again reached its all-time high price of diesel at Rs 75.82 as recorded on September 11. The Centre now levies an excise duty of Rs 19.48/litre on petrol and Rs 15.33 per litre on diesel.
    U.S.  dismisses Iran blame over deadly attack

    U.S. dismisses Iran blame over deadly attack

    It said gunmen wore military uniforms and targeted a riser where military and police commanders were sitting. Shi'ite Iran is at odds with Western-allied Sunni Muslim Saudi Arabia for predominance in the Middle East.
  • Rod Rosenstein Suggested Wearing a Wire With Trump, Invoking 25th Amendment

    Rod Rosenstein Suggested Wearing a Wire With Trump, Invoking 25th Amendment

    Those advisers also told Trump that it could benefit him that the people he sees as his enemies are portrayed as conspirators. The newspaper said its sources also included people who were briefed on memos written by FBI Deputy Director Andrew McCabe.
    Patriots Nearly Traded Rob Gronkowski to Lions Before He Threatened to Retire

    Patriots Nearly Traded Rob Gronkowski to Lions Before He Threatened to Retire

    However, once he was informed that New England was serious about trading him, Gronkowski threatened to retire. Over two career games against the Packers, Gronkowski has eight catches for 123 yards and no touchdowns.

    China cancels trade talks with US

    China imports far less from the United States, making a dollar-for-dollar match on any new USA tariffs impossible. The lower Chinese figure highlights Beijing's inability to match the USA dollar-for-dollar in a tariff war.
  • Kavanaugh and his accuser are both getting death threats

    Kavanaugh and his accuser are both getting death threats

    Ford's claim that he drunkenly assaulted her at a house party in the 1980s. Organizers say more than 1,000 women from the school signed the letter.
    Samsung might unveil its first quadruple camera smartphone soon

    Samsung might unveil its first quadruple camera smartphone soon

    The frontside of the Galaxy A7 (2018 ) features f/2.0 aperture 24-megapixel selfie shooter that carries support for face unlock. We'll find out more about all of these phones soon with the company hosting a Galaxy Event on October 11, 2018 at 9:00am GMT.
    Amid furor, Trump pushes pause on deciding Rosenstein's fate

    Amid furor, Trump pushes pause on deciding Rosenstein's fate

    The Justice Department issued a statement from one of the participants in the meeting who described the remark as sarcastic. If Rosenstein's involved, he should be fired. "But there's a lingering stench we're going to get rid of that, too".
  • Amazon unveils voice-controlled Echo smart power plug

    Amazon unveils voice-controlled Echo smart power plug

    Amazon Echo Smart Plug This device also got listed on the Amazon UK website priced at Euro 95, which is roughly Rs 8,000. To know what is happening with other smart devices in a home, the Echo speaker needs to be connected to them.
    Six Flags Fright Fest 30-Hour Coffin Challenge

    Six Flags Fright Fest 30-Hour Coffin Challenge

    Six Flags Saint Louis is challenging six people to spend 30 hours in a coffin in honor of its 30th year of Fright Fest. Plus ones will be allowed during operating hours, but coffin dwellers will be alone during non-operating hours.
    Brett Kavanaugh Accused of Sexual Misconduct by Second Woman

    Brett Kavanaugh Accused of Sexual Misconduct by Second Woman

    Ford said she will testify this week in front of the Senate Judiciary Committee. "I remain committed to defending my integrity". Kavanaugh said in the statement about the latest claim that "this alleged event from 35 years ago did not happen".


Most liked

Hayabusa2 Japanese robots send incredible photos from Ryugu asteroid
Hayabusa 2's mission will run through December 2019, so the collection of samples won't reach Earth until the end of 2020. One picture from the surface is blurred as it was taken mid-jump.

Sirius to Acquire Pandora in $3.5 Billion Online Radio Deal
SiriusXM now owns convertible preferred stock in Pandora that represents a stake of approximately 15% on an as-converted basis. Six million users pay for Pandora's premium services, according to the company's most recent earnings report.

Pet Store Puppies Are Spreading Antibiotic-Resistant Bacteria
Bober said that disease will arise on occasion, but the reward of having a pet far outweighs the risks of becoming infected. Those with compromised immune systems can be severely afflicted and complications can lead to paralysis or even death.

College classmate claims Kavanaugh exposed himself to her at party
Leland Keyser, a friend of Ford who said she believes Ford's account, similarly had no direct recollection of the gathering. Many did not respond to interview requests; others declined to comment, or said they did not attend or remember the party.

Rovers land on asteroid
Ryugu in an Apollo-type potentially hazardous asteroid (PHA), with a diameter of around 0.6 miles (1 kilometer). Once the probe completes taking samples from the asteroid, it will head back to Earth in late 2020.

Motorola One Power India launch today: Here's everything to know
That said, the phone does feel comfortable to hold and the ergonomic curves at the edges fit perfectly in the hand. Jio customers can get benefits up to Rs 4,450 (applicable on Rs 198 and Rs 299 plans) while purchasing the device.

Russia blames Israel for downing of plane by Syrian forces
Israeli military, however, said that Syria's indiscriminate air defence fire was the cause of plane crash. It again offered condolences to Russian Federation .

China snubs USA talks as tariffs swing broadside
Beijing and Washington are locked in a festering trade war with both sides hitting each other's goods with tariffs worth billions. Some analysts say there is also a risk that China could allow its currency to weaken again to cushion the blow to its exporters.

UK Labour seeks to solve Brexit split, anti-Semitism row
Shadow Chancellor John McDonnell said staying in the European Union would not be an option in a new Brexit referendum. Campaigners argue that such a vote would not be a second referendum, but the first on a different question.

Bill Cosby to Be Sentenced This Week
Defense attorneys would be allowed to cross-examine witnesses, said Kate Delano, spokeswoman for the county prosecutor's officer. The judge saw it differently and released him on $1 million bail, ordering him to remain at his home until sentencing.

Tiger Woods wins Tour Championship: Rory McIlroy, Justin Rose & Jack Nicklaus react
Mickelson and Australia's Geoff Ogilvy each have three wins to their name, while Dustin Johnson has five. He kept winning though, racking up five victories in 2013 before his back failed him.

OnePlus 6T launch soon: Know confirmed features, expected specs and price
Further, the blurb features that the handset conveys a waterdrop notch design, like the one on the Oppo A7X and Vivo V11 Pro . OnePlus 5T's 16 + 20MP dual rear camera focuses on two key aspects - low-light performance and portrait photography.

Saudia Arabia and Russia SNUB Trump's call to boost output
Trump however, wants output increased by as much as two million barrels per day, as oil prices continue to rise in the U.S. amid high consumer demand.

Senate panel investigated sex assault claims against Kavanaugh amid testimony negotiations
Ford has said an inebriated Kavanaugh pinned her on a bed, muffled her cries and tried removing her clothes. The classmate independently recalled numerous same details Ramirez told The New Yorker about the incident.

Biden: Kavanaugh Accuser Should Not Get The Anita Hill Treatment
The former vice president understands the difficulties that accusers of sexual assault face in going public, both then and now. The types of questions senators asked Hill would today be a major mark on their record for many voters across the country.