[ad_1]
Models present creations at the Versace show during Milan Fashion Week earlier this month.
Photo:
stefano rellandini / Reuters
Michael Kors Holdings
Ltd.
KORS -0.04%
is close to an agreement to buy the Italian fashion house Gianni Versace SpA for about 2 billion euros (2.35 billion dollars), said people familiar with the case, an agreement which would put one of the biggest names in the biggest conglomerate better known for affordable luxury.
An agreement could be announced in the coming days, people said.
It is difficult to know if the Versace family, which has been in control of the brand for decades, would remain a minority shareholder in the company or if Donatella Versace would remain artistic director. Private equity giant
Blackstone Group
,
who owns 20% of Versace sells his stake in the company as part of the transaction, said one person.
In recent years, Versace has struggled to increase sales, despite a boom in luxury fashion led by Chinese consumers.
The Italian newspaper Corriere della Sera first reported the case.
Write to Matthew Dalton to [email protected] and Ben Dummett at [email protected]
Source link
