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.

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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.

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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.

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