Sale of Versace could be imminent: report

Rumours abound that fashion house Versace is about to be sold, and the buyer could be US fashion group Michael Kors or jeweller Tiffany & Co.

The sale of Italian fashion house Versace could be announced “within hours”, daily newspaper Corriere della Sera says, citing unnamed sources.

Donatella Versace, sister of late founder Gianni who doubles as artistic director and vice-president of the Milan-based group, has called a staff meeting for Tuesday, the day the official announcement could be made, the paper added.

Versace declined to comment on the report.

The paper added the brand, known for its Medusa head logo, could be valued at $US2 billion ($A2.8 billion).

It also cited rumours saying that the buyer could be US fashion group Michael Kors Holdings Ltd’s or jeweller Tiffany & Co.

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

Versace has been considering a listing, after US private equity group Blackstone bought a 20 per cent stake in 2014 to fund overseas expansion, although Chief Executive Jonathan Akeroyd told Reuters earlier this year there was no rush for a market debut.

The Versace family owns the rest of the company.

Read Also:Man Found Alive Inside Capsized Tanzanian Ferry As Death Toll Reaches 209

Source:news.com
share on:

Leave a Response