Headlines

Michael Kors to Buy Versace: Reports

Acquisition could boost luxury image

Published

6 years ago

September 25, 2018

kmpeyton

Reports have surfaced alleging that Versace (Milan) will soon announce that it has been sold. The news of the supposed $2.4 billion sale first appeared in Italian newspaper Corriere della Sera yesterday.

The Italian paper did not cite sources in its story, but Bloomberg and Reuters later substantiated the claims by specifying that Michael Kors (New York) would be the buyer. The move by Michael Kors falls in line with its recent strategy to boost its luxury image. Last year the brand purchased designer shoe company Jimmy Choo for $1.35 billion.

Versace declined to comment to ABC News on the reports, and a spokesperson for Michael Kors could not be reached.

Analyst Neil Saunders of GlobalData Retail purported that an acquisition by Michael Kors would mean a toning down of Versace’s “brasher” elements, in favor of a more “subtle” tone.

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