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Wait what?! Michael Kors to snap up Italian fashion house Versace

American fashion company Michael Kors has reportedly decided to take over of Italy’s fashion house Versace. However, no official announcement has been made yet.

The move is aimed to expand Michael Kors’ portfolio of high-end products. Well in the similar efforts, the company recently snapped up British shoe maker Jimmy Choo for a whopping US $ 1.2 billion in 2017.

Versace has reportedly been mulling to become a listed company after US private-equity firm Blackstone purchased a 20 percent stake in 2014. It is being said that Blackstone didn’t find Versace’s market performance adequate enough for a market listing which probably influenced the brand to look out for possible sale.

The news of the probable Versace sale was first reported by Italian daily Corriere della Sera on September 24, 2018.

If comes true, the deal will give Michael Kors, which retails luxury designer handbags, watches, shoes, clothing and much more, a grand push in the luxury fashion business globally.

The mammoth deal between Michael Kors and Versace is expected to be at US $ 2.35 billion.

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