According to reports, Michael Kors seems to be the rumoured buyer of luxury fashion brand, Versace.
In 2014, Versace sold a 20% stake of its business to a private equity company, Blackstone Group LP. Although with the sale, Versace still struggled to boost revenue and profits. It only returned to profit last year with half of its sales made in Asia.
The family owned business has Donatella Versace, as the firm’s artistic director and Vice-president, Santo Versace, her older brother. Versace was founded in 1978 by Gianni Versace who was tragically murdered in July 1997 when he was just 50years old.
In 2017, Michael Kors Holding Ltd bought Jimmy Choo, the luxurious shoe brand based in London for $1.2bn.