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Shane Adams
Michael Kors, which valued Versace at about $ 2 billion, could announce the deal this week.
Terms of the transaction suggest that the Versace family in any case will continue to play its role in the business of the fashion house, the sources note. According to them, the negotiations are at an advanced stage, but the final agreement has not been reached yet.
20% of Versace belong to Blackstone Group LP, and at the moment it is not known whether the private equity fund intends to give up its share in the company.
Earlier, the Italian newspaper Corriere della Sera reported that Versace could be sold this week for $ 2 billion.Several groups, including Michael Kors and Tiffany & Co., were named among potential buyers. Another magazine - Women's Wear Daily - on Sunday reported that companies such as LVMH, PVH Corp. and Tapestry, which owns the Coach brand, also took an interest in buying Versace.
Michael Kors, a global luxury design brand, is committed to creating a multi-brand fashion empire in the United States, similar to the French conglomerates LVMH and Kering SA.
Last year, Michael Kors acquired the British Jimmy Choo Plc, a manufacturer and seller of designer footwear and accessories for 896 million pounds ($ 1.2 billion), which allowed it to strengthen its position in luxury shoes and luxury accessories, and expand operations in the men's design category shoes.
The fashion house Gianni Versace was founded in 1978 in Milan. Versace specializes in the design, production and sale of luxury goods - from fashion haute couture and collections of ready-made garments to accessories, jewelry, watches, eyewear, perfumes and household goods. Versace, which logo is the head of the jellyfish, is known for its shocking style, in particular, the bold use of leopard print.
The Versace network includes more than 200 boutiques in major cities and over 1,500 wholesale distributors around the world.
Since 1997, when the founder of the fashion house Gianni Versace was murdered, the company has been managed by his sister Donatella Versace, who holds the post of creative director, as well as brother Santo Versace, who heads the board of directors of Gianni Versace SpA.
Blackstone Fund owns a 20% stake in the company since February 2014, and its controlling interest is divided between members of the Versace family.
In May 2016, Jonathan Ackroyd was appointed Chief Executive Officer of Gianni Versace SpA. The company considered the possibility of an IPO, but unfavorable market conditions did not allow it to move in this direction.
source: bloomberg.com
Terms of the transaction suggest that the Versace family in any case will continue to play its role in the business of the fashion house, the sources note. According to them, the negotiations are at an advanced stage, but the final agreement has not been reached yet.
20% of Versace belong to Blackstone Group LP, and at the moment it is not known whether the private equity fund intends to give up its share in the company.
Earlier, the Italian newspaper Corriere della Sera reported that Versace could be sold this week for $ 2 billion.Several groups, including Michael Kors and Tiffany & Co., were named among potential buyers. Another magazine - Women's Wear Daily - on Sunday reported that companies such as LVMH, PVH Corp. and Tapestry, which owns the Coach brand, also took an interest in buying Versace.
Michael Kors, a global luxury design brand, is committed to creating a multi-brand fashion empire in the United States, similar to the French conglomerates LVMH and Kering SA.
Last year, Michael Kors acquired the British Jimmy Choo Plc, a manufacturer and seller of designer footwear and accessories for 896 million pounds ($ 1.2 billion), which allowed it to strengthen its position in luxury shoes and luxury accessories, and expand operations in the men's design category shoes.
The fashion house Gianni Versace was founded in 1978 in Milan. Versace specializes in the design, production and sale of luxury goods - from fashion haute couture and collections of ready-made garments to accessories, jewelry, watches, eyewear, perfumes and household goods. Versace, which logo is the head of the jellyfish, is known for its shocking style, in particular, the bold use of leopard print.
The Versace network includes more than 200 boutiques in major cities and over 1,500 wholesale distributors around the world.
Since 1997, when the founder of the fashion house Gianni Versace was murdered, the company has been managed by his sister Donatella Versace, who holds the post of creative director, as well as brother Santo Versace, who heads the board of directors of Gianni Versace SpA.
Blackstone Fund owns a 20% stake in the company since February 2014, and its controlling interest is divided between members of the Versace family.
In May 2016, Jonathan Ackroyd was appointed Chief Executive Officer of Gianni Versace SpA. The company considered the possibility of an IPO, but unfavorable market conditions did not allow it to move in this direction.
source: bloomberg.com
