Report: Michael Kors Close to Buying Versace

Michael kors outlets

MILAN, Italy — Handbag maker Michael Kors Holding Ltd. is nearing an agreement to buy Gianni Versace SpA after the iconic Italian fashion house drew interest from several suitors, people familiar with the plans said.

Michael Kors may announce a deal as early as this week that values Versace at about $2 billion, said the people, who asked not to be identified as the discussions are private. The Versace family will continue to have a role in the company under any agreement, they said. While talks are advanced, no final agreements have been reached, the people said.

Blackstone Group LP owns 20 percent of Versace, which sells leopard-print sweatshirts for €2,100 ($2,470) and €995 tartan-covered sneakers. It’s unclear whether the private equity firm would keep or sell its stake in a deal.

A representative for Versace declined to comment. Michael Kors couldn’t immediately be reached. A spokesman for Blackstone had no immediate comment.

London-based Kors last year snapped up shoemaker Jimmy Choo Plc for about £896 million ($1.2 billion), expanding beyond its namesake brand. Now, it’s vying with Coach owner Tapestry Inc. to build a US-based multi-brand fashion empire along the lines of Paris-based conglomerates LVMH and Kering SA.

Versace, known for its flamboyant style and Medusa-head logo, hired chief executive officer Jonathan Akeroyd in 2016 from Alexander McQueen. The company had been working toward an initial public offering, though market conditions haven’t allowed it to move ahead.

Italian newspaper 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.

Donatella Versace and her brother Santo Versace have helped run the company since their brother Gianni’s murder in 1997. Donatella serves as creative director, while Santo is chairman.

Kendall Jenner Goes Cookie Monster For Michael Kors

kendall jenner
Michael Kors knows how to dress a lady in luxurious neutrals. But, it’s not just his safari-colored suiting pieces that his fans will fawn over come fall ’15. For the upcoming season, he’s punched up his staples by adding a midnight-teal range that’s rich in both color and texture. And, it wasn’t just the new hue that made these pieces stand out in his show.

Kendall Jenner wore one of the four green-blue looks, making it (we’d imagine) the most snapped of any on the runway yesterday morning. Her outfit was comprised of a turtleneck sweater, a skirt, and a jacket in the same tone. This is how Kors does Kardashian — one color, head to toe. Except there’s nothing body-con about this look. In fact, the jacket adds some welcome bulk to keep its wearer warm and help her make a statement. Of course, Kendall pulled it off flawlessly, further selling us the furry topper with every stomp down the runway. So, what say you? Is this cool shade the new neutral?

You might find this article useful, please click the link here to subscribe