Michael Kors to take control of Italy’s Versace

Donatella Versace has run the label since her brother was murdered

Donatella Versace has run the label since her brother was murdered

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

Italian fashion giant Versace is about to be sold, the country's biggest-selling newspaper said Monday, citing anonymous sources who suggested the deal could come in the next few hours. Versace and Michael Kors declined to comment.

Versace, the Italian fashion house founded by Gianni Versace 40 years ago, has reportedly been sold to United States handbag and clothing brand Michael Kors for $2bn (£1.5bn). The rest of the company is held by the Versace family.

Donatella Versace, the firm's artistic director and vice-president, has called a staff meeting in Milan for Tuesday, Corriere della Sera reported.

Supermodel moment model Gigi Hadid poses with Donatella Versace at the International Model of the Year Award at The
GETTY Supermodel moment model Gigi Hadid poses with Donatella Versace at the International Model of the Year Award at The Fashion Awards 2016

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

The Italian label is owned by the Versace family and the United States private equity group Blackstone, which holds a 20% stake.

The fashion house, founded by designer Gianni Versace in 1978, posted sales of €686 million in 2017 with net profits of €15 million.

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