Michael Kors to Buy Italian Fashion House Versace


Michael Kors is close to buying Italian fashion house Versace, according to numerous media outlets.

Michael Kors Holdings Ltd is expected to announce this week a deal has been reached that values Versace at around $2 billion, sources familiar with the transaction have revealed.

Michael Kors, best known for their handbags, acquired British stiletto shoe brand Jimmy Choo last year for $1.2 billion. Acquiring Versace would give them a foothold in the high fashion market with a luxury brand popular among celebrities and often seen on the red carpet.

According to Bloomberg, sources have revealed Donatella and Santo Versace, who took over the brand following their brother’s 1997 murder in South Beach, Miami, have called a meeting with employees this week to announce the sale.