Michael Kors shares sink amid Versace rumors

27 September, 2018, 01:11 | Author: Sheri Evans
  • Why Michael Kors Is on the Verge of Buying Versace

The deal with Michael Kors would come after the rumoured retreat of Kering, the French fashion giant which owns luxury brands like Gucci, Yves Saint Laurent and Alexander McQueen.

Handbag maker Michael Kors Holdings is nearing an agreement to buy fashion house Gianni Versace.

The company in its entirety is estimated to be worth some $2 billion (1.7 billion euros), the report said.

Bonsey Design's Hitchmough said that the new owners also need to steer a careful course between maintaining the autonomy and imprint of the Versace brand.

The Versace family now own 80% of the fashion house, after the sale of a 20% stake to United States private equity group Blackstone for €210m back in 2014.

Prince Harry and Meghan Markle play ball for a good cause
The elegant black dress worn this evening, costing £2,510, featured sheer sleeves as well as velvet panel around the neckline. And they had to be impressed, not just because it proved her commitment to Harry but to the Royal Family as well.

The Milan-based label, founded in 1978 by Gianni Versace, has been run by his family since he was murdered 21 years ago.

Versace does not disclose its financial details, but documents deposited with the Italian chamber of commerce show the Milan-based group previous year 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).

Last year, Michael Kors bought Jimmy Choo, the luxury shoemaker founded in London, for nearly £900m.

The sale of Italian fashion house Versace could be announced "within hours", daily newspaper Corriere della Sera said on Monday, citing unnamed sources.

Headquartered in London, Michael Kors who has its roots are in the USA, could announce a deal as soon as this week, said the reports which cited unnamed sources. And it comes as the Michael Kors business still hasn't been turned around, despite some progress made.

Sanchez will deliver at Man United, says Pogba
Paul Pogba has slammed those who "create drama" after he appeared to criticise Manchester United's tactics under Jose Mourinho . Paul Pogba insists his comments on Manchester United's playing style were not meant as a personal attack on Jose Mourinho .

Among possible buyers are said to be Jimmy Choo, Tiffany & Co, and Michael Kors Holdings. The private equity firm plans to sell its stake in the deal, according to a person familiar with the situation.

"Blackstone wasn't going to put any more money into it".

Versace fans are revolting after reports that the iconic Italian designer is about to be bought by Michael Kors. No matter what happens to the Versace brand, the Versace family will be involved within the company regardless.

Versace's net profit last year was just under $22.7 million, compared with a net loss of $12 million the previous year.

Young golf fan celebrates wildly after meeting Tiger Woods
This felt just as big as a major, maybe better considering where Woods had been. "US !" in anticipation of the upcoming Ryder Cup. It was Johnson who unveiled red shirts at the Ryder Cup two years ago in the team room that said, "Make Tiger Great Again".


  • Mo Salah just one glaring omission from the FIFPro World XI

    Mo Salah just one glaring omission from the FIFPro World XI

    Mohamed Salah has won the 2018 Puskas Award for a superb solo effort for Liverpool in a Merseyside derby against Everton . Speaking at the awards ceremony, Salah said: "I am very happy and very proud".
    Bill Cosby Accusers Hope He Spends

    Bill Cosby Accusers Hope He Spends "Some Time Behind Bars"

    But prosecutors are expected to paint him as a serial and unrepentant sexual predator, who has never admitted wrongdoing. Cosby will be sentenced at Montgomery County Court of Common Pleas and the 81-year-old is facing 30 years in prison.
    Red Cross volunteer from Milford helping Florence victims

    Red Cross volunteer from Milford helping Florence victims

    You can also call Red Cross directly by dialing 1-800-733-2767 or texting the word FLORENCE to 90-999 to make a $10 donation. First Coast News asked about the people he's helping and the atmosphere in the shelters. "We learn from every disaster".
  • THE CRIMES OF GRINDELWALD Trailer Reveals A Suprise Character — FANTASTIC BEASTS

    Earlier today we got our final look at the new Fantastic Beasts: The Crimes of Grindelwald trailer, and it did not disappoint. Keep your eyes peeled while watching as it is a pretty brief shot, which shows both characters touching the Mirror of Erised.
    Real Madrid star Luka Modric wins 2018 FIFA Best Award

    Real Madrid star Luka Modric wins 2018 FIFA Best Award

    Real Madrid captain, Sergio Ramos voted for fellow teammate, Luka Modric to win the FIFA Best Player award on Monday night. FIFA President Gianni Infantino presents Luka Modric with the Best Men's Player award, London , September 24, 2018.
    Tiger Woods: I was close to tears on the last hole

    Tiger Woods: I was close to tears on the last hole

    More people watched Woods' final round at the Tour Championship than any golf tournament this year, outside of The Masters. But none carry the weight that Woods does, even if his Ryder Cup record is poor by his previously high standards.
  • Iran vows to avenge deadly military parade attack

    Iran vows to avenge deadly military parade attack

    The Islamic State group also claimed the attack, but initially offered incorrect information about it and provided no proof. The official state news agency IRNA said 53 people had also been wounded and that many were in a critical condition.
    Mourinho questions his players amid reports Pogba won't captain United again

    Mourinho questions his players amid reports Pogba won't captain United again

    Manchester United executive vice-chairman Ed Woodward has backed Jose Mourinho despite the club's indifferent start to the season. When I saw we were coming to the sixth and seventh penalty with Phil Jones and (Eric) Bailly, I knew we were in trouble".
    GOP's Graham assures respectful hearing for Ford

    GOP's Graham assures respectful hearing for Ford

    President Donald Trump nominated Kavanaugh for the Supreme Court seat of Justice Anthony Kennedy, who retired on July 31. Kavanaugh and she has no recollection of ever being at a party or gathering where he was present".
  • Hurricane Rosa: NOAA warning as tropical storm to become HURRICANE later today

    Hurricane Rosa: NOAA warning as tropical storm to become HURRICANE later today

    Little change in strength is forecast until Kirk moves through the central Lesser Antilles Thursday afternoon and evening. As it crosses into the Caribbean Sea, wind shear is expected to weaken the storm back to a depression.
    Tiger Woods caps off incredible  comeback with a win

    Tiger Woods caps off incredible comeback with a win

    His four bogeys over the last 10 holes cost him the No. 1 ranking back to Dustin Johnson , who shot 67 and finished third. The title takes Woods' PGA tally to 80 in his career, with only American Sam Snead ahead of him.
    Earl Thomas out Friday for personal reasons, may not play Sunday

    Earl Thomas out Friday for personal reasons, may not play Sunday

    After the game, Thomas indicated that several Cowboys coaches told him the team would be trading for him on Monday. He also said he heard talk about the possibility of a deal between the Seahawks and Cowboys.


Tom Brady reacts to Jimmy Garoppolo's injury: 'I feel bad for him'
As a rookie in 2017, Beathard started in five games, appearing in seven, and totaled four touchdowns and six interceptions. Garoppolo suffered the injury late in the fourth quarter of Sunday's matchup against the Kansas City Chiefs .

Klopp signals changes but no complete overhaul for Chelsea League Cup clash
If Dominic Solanke isn't involved against his former club, meanwhile, he will wonder if he is ever going to get a game. Tomorrow night's a football game in a sold-out Anfield, so we will be there with all we have.

Japanese explorer robot lands on asteroid
It will then collect samples from the asteroid before flying home to Earth, where the samples will be scientifically analysed. The asteroid's low gravity means they can hop across it, capturing temperatures and images of the surface.

STORM ALERT | Severe weather risk now lower for St. Louis Tuesday
Cool air fills in behind this storm system with highs in the mid 50s to lower 60s for the extended period. It will be breezy, too, with winds of 10 to 15 miles per hour and gusts as high as 30 miles per hour .

'Cooperate' with Iran in fighting terrorists: UNSC
The men who carried out Saturday's attack on the parade in Ahvaz, in Iran's southwestern province of Khuzestan, were well trained. Fars and IRNA news agencies said on Monday five attackers were killed, not four as previously reported by state media.

EPL: Arsenal linesman in hot water after appearing to celebrate offside goal
Everton, without a win in their last 25 visits to Arsenal , could consider themselves unlucky, but their first half profligacy proved decisive.

Trump's tariffs on $200 billion of Chinese imports kick in
Trump earlier this month accused China of targeting rural voters who support his presidency by hitting agricultural goods. The pair of powerhouse economies have already implemented tariffs on $50 billion worth of one another's exports.

Sarri: I don’t know why West Ham lost four matches
After losing their first four games but winning at Everton last weekend, West Ham are showing signs of improvement. I don't think so", he told reporters when ask if playing on Thursday affected the result (via Evening Standard ).

49ers fear QB Garoppolo sustained season-ending ACL injury
None of that matters, though, as Garoppolo suffered what appears to be a season-ending ACL injury in the fourth quarter. There are going to be teams ranked on this list above teams they just lost to.

Doors of Kaaba opened for PM Imran Khan as he performs Umrah
India called off the meeting on Friday, in what it said was a protest against the deaths of Indian security personnel in Kashmir. He said: "We had already told India that if they take one step towards us, we will take two".