Michael Kors is close to buying Versace for $2 billion

25 September, 2018, 04:13 | Author: Natasha Holloway
  • Michael Kors to Acquire Versace Sources Reveal

Michael Kors could not immediately be reached for comment.

Those iconic $2,000-a-pop Gianni Versace gold-colored jackets once worn only by Hollywood elites, including Michael Jackson, Paul McCartney and Madonna, may soon become more affordable.

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.

If the deal goes through, Kors could potentially turn one of the world's most highly regarded luxury clothing brand into a household name, according to fashion insiders.

The potential Versace acquisition will bring Michael Kors a step closer to becoming a luxury fashion group. Versace designs, manufactures and distributes clothes, jewellery, watches, eyewear, accessories and home furnishings that bear the company's distinctive Medusa logo.

"Blackstone wasn't going to put any more money into it".

Why Michael Kors Is on the Verge of Buying Versace

Donatella Versace has run the label since her brother was murdered. According to the Wall Street Journal, sales for Gucci were up 45 percent in 2017 from 2016.

We reached out to Michael Kors for comment and will update if we hear back.

"However, several years of a hard global luxury climate, declining growth and stiff competition from brands like Louis Vuitton, Gucci and Dior, make the sale less surprising". "Would Michael Kors have what it takes to succeed in this?"

Over the last two years, Kors has been aggressively repositioning itself as the overall retail market has seen major shifts due to competition from online retailers. The Kors brand struggled with a cheap image after it broadly distributed its products to department stores and outlet malls, which heavily discounted its goods.

It was learned that Michael Kors organization would do the acquisition themselves.

Michael Kors, whose namesake label is best known for its leather handbags, has made no secret of its ambition to grow its portfolio of high-end brands after buying British stiletto-heel maker Jimmy Choo for US$1.2 billion previous year. Shares, however, were down 9 percent on the reports.

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