Michael Kors Reportedly Acquiring Versace in $2 Billion Deal
Posted on September 24, 2018
There are reports that Michael Kors is close to a deal that will have Michael Kors Holding acquiring Versace. A Reuters report says the deal could value Versace at $2 billion.Designer Donatella Versace is artistic director and vice president of Versace. The image above is from the Versace Fall/Winter 2018 campaign. Reports are that she is holding a major staff meeting today.
Michael Kors acquired Jimmy Choo is a $1.2 billion deal last year. Michael Kors CEO John Idol told CNBC at the time that this would not be the last deal. He says that Kors is focusing on a building a luxury group.
Michael Kors Holdings describes itself as a "global fashion luxury group, consisting of iconic brands that are industry leaders in design, style and craftsmanship." Versace certainly fits in with that category. It is one of the biggest fashion brands as well as one of the best known and respected luxury brands.
Fortune is reporting that Michael Kors would take over the shares of a major private investor and keep the Versace family involved in the business. Fortune also says another potential buyer was Tiffany & Co., which would have been an interesting acquisition.
The official announcement of the acquisition is expected to come tomorrow.