Versace rumoured to be Going on Sale soon

Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan on Friday

Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan on Friday

According to sources familiar with the deal, American fashion group Michael Kors Holdings Ltd (KORS.N) has agreed terms to acquire Versace, with an official announcement to follow later this week.

The news of the imminent Versace sale was first reported by Italian daily Corriere della Sera earlier on Monday. Last year, Michael Kors bought luxury shoe brand Jimmy Choo for $1.2 billion.

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"We believe that some of the work required on Versace, which includes toning down some of the brasher elements of the brand which are now out of step with the more subtle tone preferred by modern consumers, are precisely the issues with which Michael Kors has struggled and is yet to satisfactorily resolve", wrote Saunders in a report. The Versace family will maintain a role in the company, the sources said, although it could not immediately be learned what will be the exact nature of their involvement.

Versace declined to comment on the report. The shares had recovered since then, trading 15 per cent higher for the year through the end of last week, with Choo boosting the latest quarterly results. And it comes as the Michael Kors business still hasn't been turned around, despite some progress made.

Versace, known for its flamboyant style and Medusa-head logo, hired chief executive officer Jonathan Akeroyd in 2016 from Alexander McQueen.

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Versace had planned to float the company on the stock market but put the plans on hold owing to unfavourable conditions. Donatella serves as creative director, while Santo is chairman.

Versace does not disclose its financial details, but documents deposited with the Italian chamber of commerce show that a year ago it posted sales of 668 million euros (US$786 million) and earnings before interest, tax, depreciation and appreciation (EBITDA) of 44.6 million euros. She is artistic director of the fashion house. The 40-year-old fashion house returned to profit in 2017 and reported revenue of almost $800 million.

Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan on Friday.

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Versace was founded by Gianni Versace in 1978.

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