Michael Kors snaps up Italy's Versace

Analysts have suggested that Michael Kors is aiming for a portfolio of high-end brands, similar to European holding companies like LVMH.

Michael Kors is reportedly nearing a deal to buy iconic Italian luxury designer Versace.

The leader of the pack is every mom's favorite handbag maker, Kors.

US fashion group Michael Kors has agreed to buy Versace in a deal valuing the revered designer at $2.12 billion, the companies said in a joint statement on Tuesday, making it the latest Italian brand falling into foreign hands.

Headquartered in London, Michael Kors who has its roots are in the United States, could announce a deal as soon as this week, said the reports which cited unnamed sources.

This outfit looks a little flashy for Michael Kors.

On Tuesday, the company confirmed the $2.1 billion sale, which will involve Michael Kors changing its name to Capri Holdings Limited.

More news: Why Newest Jimmy Butler Trade Rumor Could Be Good News For Celtics

In recent years, Versace, which is still a favor among celebrities, has struggled to grow sales and has become second to its Italian rival Gucci, who has found a way to grow, especially among millennials. Versace is of course one of the most recognizable and beloved high-fashion outfits in the world.

The Versace family have been the majority owners in the company since its inception, It's been a momentous 12 months for the Italian brand, starting with creative director Donatella Versace's Instagram-worthy tribute collection last September during Milan Fashion Week.

Michael Kors, whose namesake label is best known for its leather handbags, has made no secret of its ambition to grow its portfolio of high-end brands after buying British stiletto-heel maker Jimmy Choo for $1.2 billion past year.

Versace had planned to float the company on the stock market but put the plans on hold owing to unfavourable conditions. Tiffany & Co. LVMH, PVH Corp. and Tapestry have all shown interest in purchasing Versace.

Last year it returned to a net profit of just under 15 million euros compared with a net loss of 7.9 million euros the previous year.

Versace does not disclose its financial details, but documents deposited with the Italian chamber of commerce show the Milan-based group a year ago posted sales of €668 million ($1 billion Cdn) and earnings before interest, tax, depreciation and appreciation (EBITDA) of €44.6 million ($67.7 million Cdn).

Versace was founded by Gianni Versace in 1978.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Dallas police officer accused in neighbor’s death fired
Police said Guyger has told investigators she mistook Jean's residence for her own and shot him, believing he was an intruder. On Sept. 14, protesters rallied from the Dallas Police Department, near the apartments where Guyger shot Jean, to downtown.

O'Rourke, Cruz spar in contentious debate
The internet Likes may be with O'Rourke, but in terms of policy points, Cruz scored decidedly more cheers from the campus crowd. O'Rourke supports people's rights to "take a knee", which he believes is a peaceful way to protest racial injustice.

Tom Arnold & Mark Burnett Get Into Physical Altercation at Emmys Party
We gotta protect this brutal angel", he wrote. " Mark Burnett , Tom Arnold is there anyway that we could get together and talk?" Which man started the confrontation is unclear, with both sides claiming the other party was the aggressor.

Official iPhone XS, XS Max, XR Battery and RAM Details Revealed
It's all very tongue-in-cheek with Huawei parking a van with "Huawei Ju%CE that lasts" branding outside the Apple Store. According to the Tim Cook , the new devices are "by far the most advanced iPhone Apple has ever created".

White House is Planning an Attack on Kavanaugh Accuser, Christine Blasey Ford
Kavanaugh, who was nominated to the Supreme Court by President Donald Trump , was spotted at the White House on Monday . The White House said it is sticking by Kavanaugh's nomination to fill a vacancy on the court, the country's highest.

Rohr, Mikel's votes for Federation Internationale de Football Association best player of the year revealed
France's Didier Deschamps was named coach of the year for masterminding their World Cup triumph in Russian Federation . Salah's Premier League strike against Everton at Anfield last December won the Puskas award for the best goal .

Zlatan Ibrahimovic scored an incredible goal for his 500th career gol
However, it wasn't to be for the Californian side, who shipped two more goals in the final 15 minutes to lose the game 5-3. The stunning goal took Ibrahimovic's tally to 17 for the season, 11 adrift of MLS leader Josef Martinez.

Anita Hill Speaks Out On Sexual Misconduct Allegations Against Brett Kavanaugh
Feinstein said she referred the matter to the Federal Bureau of Investigation and that the woman had requested confidentiality. Kavanaugh was with a friend, Mike Judge, when the incident occurred and Judge simply says Ford is "absolutely nuts".

Labour prepared to back second Brexit referendum
Britain is to exit the European Union in March. "This is as big a crisis as I can remember in my lifetime", Adonis said. And in doing so, the friction between the political and industrial wings of this new-look Labour is likely to increase.

Trump defends court nominee: 'I am with him all the way'
Ford and deprive her of the ability to make a considered decision that has life-altering implications for her and her family". Republican committee staff and Ford's lawyers had reached a stalemate in negotiations over the details of the testimony.

Amazon reportedly plans to open 3,000 cashier-less stores by 2021
Shoppers scan the Amazon Go app on the mobile devices as they enter the Amazon Go store in Seattle, Washington. There is no checkout and no printed receipt, but customers must have a smartphone app to shop in the stores.

Confirmed Dead Due to Hurricane Florence
A state of emergency is in effect in five coastal states - North Carolina, South Carolina, Georgia, Maryland and Virginia. Tom Ballance said his wife went to Atlanta and he stayed behind in their New Bern home with their three dogs and a cat.

Amazon is Readying the Alexa Device You Dreamed of: a Microwave
This marks Amazon's jump into the smart home appliances market, where it will directly compete with companies like GE and Sonos. Amazon may decide to launch an entirely separate line dedicated to Alexa-equipped home devices, separate from the Echo line.

Souness: Milner is a real player compared to selfish Pogba
A team that yesterday looked very bad, today looks very good and yesterday, looked very good, today looks very bad". I think good results, good performances, they make miracles.

Travel snarled by flooding as Carolinas size up Florence's damage
Downgraded from a tropical depression, the deadly storm still had abundant rain and top winds around 40kmh. We've observed a one-minute period of sunshine at the NWS Raleigh office", the NWS said on Twitter .


More News

News
More News