Versace reportedly set for $2bn takeover by Michael Kors
Versace reportedly set for $2bn takeover by Michael Kors
Versace to be sold to US label Michael Kors for $2bn, sources say
25 September, 2018, 04:14
For more on reports of Michael Kors purchasing Versace, follow on over to Reuters. He's not buying a new baroque-inspired coat or redecorating his home with Versace's home collection, but may be buying the entire company for a cool $2 billion, aka the same cost as 493,827 limited edition Palazzo Empire bags.
Michael Kors may announce a deal as early as this week that values Versace at about US$2 billion (NZ$3.1 billion), said the people, who asked not to be identified as the discussions are private.
Versace founded his namesake company in 1978 in Milan, growing it into an worldwide powerhouse by the time he was gunned down by a serial killer in 1997.
The leader of the pack is every mom's favorite handbag maker, Kors. "Would Michael Kors have what it takes to succeed in this?"
Versace, known for its flamboyant style and Medusa-head logo, hired CEO Jonathan Akeroyd in 2016 from Alexander McQueen. She is artistic director of the fashion house.
The Italian label is owned by the Versace family and the United States private equity group Blackstone, which holds a 20% stake.
After investing in Versace at a high multiple, Blackstone found the fashion group's performance disappointing and not sufficient to justify a market listing, said one of the sources, who is close to the family.
"Blackstone wasn't going to put any more money into it".
Kors, whose shares are listed in NY, alarmed investors earlier this year when it reported a decline in retail sales under its main brand in the Americas, even as the smaller European and Asian markets fared better.
Versace declined to comment on the report.
French fashion houses including Paris-based Kering were among those holding talks with the Versace family, the sources said, but considered the price too expensive.
"They didn't feel the need to invest so much money into another Italian fashion brand".
An official announcement is expected this week, the sources said.
Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan, Italy, September 21, 2018. Donatella Versace holds 20 percent, her brother Santo 30 percent and Donatella's daughter Allegra 50 percent.
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