Michael Kors Wants to Grab Versace
A legendary Italian fashion brand is under American control: Apparently, competitor Michael Kors wants to board at Versace.
The fashion company Michael Kors swallows the legendary Italian fashion label Versace according to insiders. Michael Kors has signed an agreement to take control of Versace, an official announcement will follow this week, said three familiar with the matter on Monday.
Versace is valued at least two billion dollars. Financial investor Blackstone, who acquired a 20 percent stake in Versace in 2014. The Versace family, which holds the remaining shares, remain on board, will step down altogether. Versace and Blackstone did not want to comment, with Michael Kors was initially no opinion available.
Michael Kors has made no secret of the fact that the group wants to expand its offer by more luxury brands. Last year, the company, known primarily for its handbags, acquired the luxury footwear brand Jimmy Choo for the equivalent of around one billion euros. Versace had considered an IPO since the entry of Blackstone, but there was no reason to hurry, boss Jonathan Akeroyd had said
Blackstone was not satisfied with the business development of Versace and therefore deviated from the plans, said one close to the family insiders. “They gradually persuaded the family to look into a possible sale and introduced her to a number of buyers, including Michael Kors.” Blackstone did not want to put any money in it. “They needed a buyer who could make big investments.” According to an insider, the late founder Gianni’s sister, Donatella Versace, scheduled a staff meeting on Tuesday.
Versace was founded in 1978 by Gianni Versace in Milan. The company with the Medusa-Kopf logo offers high-end clothing as well as tableware, luxury bedding or home accessories. His opulent designs gave company founder Gianni Versace the nickname “Master of the Neo-Baroque“. He was shot dead in 1997 in front of his Miami villa.
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