The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
entertainment7 hours ago
US fashion group Michael Kors Holdings Ltd has agreed to take control of Italy's Versace, three sources familiar with the matter said on Monday, adding that an official announcement would be made this week.
Michael Kors has made no secret of its ambition to grow its portfolio of high-end brands after swooping on British stiletto-heel maker Jimmy Choo for $1.2 billion last year. The company, whose namesake label is best known for its leather handbags, could not immediately be reached for comment. Versace declined to comment.
The Italian fashion icon has been considering a market listing after US private equity group Blackstone bought a 20 per cent stake back in 2014 to fund overseas expansion, although Chief Executive Jonathan Akeroyd told Reuters earlier this year there was no rush for a market debut.
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.
"They gradually persuaded the family to look into a possible sale and introduced them to a series of buyers, including Michael Kors," the person added.
"Blackstone wasn't going to put any more money into it. They needed a buyer who could make heavy investments."
The deal values the fashion house, known for its Medusa head logo, at no less than $2 billion, two of the sources added.
As part of the deal, Blackstone will fully exit the Italian company, while the Versace family, which owns the rest of the fashion house, will keep a role, the sources said.
Blackstone declined to comment.
Donatella Versace, sister of late founder Gianni who doubles as artistic director and vice-president of the Milan-based group, has called a staff meeting for Tuesday, according to a person who was briefed by a company employee.
The news of the imminent Versace sale was first reported by Italian daily Corriere della Sera earlier on Monday.
The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
entertainment7 hours ago
The students' demands range from a ceasefire in Israel's war with Hamas to calls for universities to stop investing in Israeli enterprises
world7 hours ago
Despite Kohli's flowing form ahead of the T20 World Cup in June, pundits have raised concerns over his strike-rate
cricket7 hours ago
Saudi Arabia has begun to explore extracting lithium from sea water
business8 hours ago
Speaking after meeting Lebanese leaders, French foreign minister says there had been "a lot of progress" over the French proposals
mena8 hours ago
The three-shot winner from Japan says he is aiming to become a member of the PGA Tour in the future
sports8 hours ago
Big-hitting Nienaber falters at the finish to settle for secondwhile former Abu Dhabi resident David Horsey takes the third spot at Saadiyat Beach Golf Club
sports8 hours ago
The UAE is India's second-largest export destination after the US
economy9 hours ago