Michael Kors to take control of Italy's Versace, say sources

U.S. fashion group Michael Kors Holdings Ltd has sealed an agreement to take control of Italy's Versace, three sources familiar with the matter said on Monday, adding that an official announcement would be made this week.

Versace declined to comment and Michael Kors and Tiffany could not immediately be reached for comment.

The deal values the fashion house, known for its Medusa head logo, at no less than $2 billion (1.52 billion pounds), two of the sources added.

Ads

As part of the deal, Blackstone, which took a 20 percent stake in Versace back in 2014, will fully exit the Italian company, while the Versace family, which owns the rest of the company, will keep a role, the sources said.

Blackstone declined to comment.

The news of the imminent Versace sale was first reported by Italian daily Corriere della Sera earlier on Monday.