Surprise! Michael Kors may soon own Versace. Some people familiar with the deal have told Bloomberg that the beacons of American and Italian fashion, respectively, are in late-stage talks. Versace doesn’t come cheap — Kors reportedly valued it at $2 billion. If the talks turn into a deal, it may be announced as early as this week. From then on, the two companies can bond over their mutual love of prints.
Last year, Kors also acquired Jimmy Choo for $1.2 billion and is clearly keen on expanding its portfolio. Versace declined to comment on the reports. Luckily for Donatella (and us), the Versace family will reportedly still be involved with the company in any agreement.
Update: September 25, 9:15 a.m.
The sale was confirmed on Tuesday. Michael Kors bought Versace for more than $2.12 billion, and the American conglomerate will now be known as Capri Holdings Limited with the acquisition.
“This is a very exciting moment for Versace. [My brother] Santo, [my daughter] Allegra, and I recognize that this next step will allow Versace to reach its full potential,” Donatella Versace told Vogue. The Versace family will still have a role in the company, so don’t worry about losing the Versace aesthetic. They’ll just get richer – they’ll each receive 150 million euros (about $177 million) worth of shares in Capri Holdings Limited.
