Neilson Barnard Getty Images Fans are begging Donatella Versace not to sell the company to Michael Kors
25 September, 2018, 04:14
Michael Kors may announce a deal as early as this week that values Versace at about US$2 billion (NZ$3.1 billion), said the people, who asked not to be identified as the discussions are private.
Italian newspaper Corriere della Sera first broke the news on the potential $2 billion purchase price for the brand founded by Gianni Versace forty years ago.
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, according to a person who was briefed by a company employee.
Shares in New York-listed Michael Kors, which past year acquired show brand Jimmy Choo for £896million, fell by more than 8 per cent on the rumours. Now, it's vying with Coach owner Tapestry to build a US-based multibrand fashion empire along the lines of Paris-based conglomerates LVMH and Kering. The Versace family is reported to want to continue its involvement. "I believe he is going to create some sort of brand diffusion with the essence of Versace's DNA".
Versace, known for its bold and glamorous designs and its Medusa head logo, is one of a clutch of family-owned Italian brands cited as attractive targets at a time when the luxury industry is riding high on strong demand from China. But the deal would help Michael Kors compete against larger rivals.
Blackstone, whose stake acquisition valued Versace at US$1.4 billion in 2014, declined to comment. Michael Kors and private equity firm Blackstone, which owns 20% of Versace, did not immediately respond to a request for comment.
Versace had planned to float the company on the stock market but put the plans on hold owing to unfavourable conditions. Tiffany & Co. LVMH, PVH Corp. and Tapestry have all shown interest in purchasing Versace.
Last year it returned to a net profit of just under 15 million euros compared with a net loss of 7.9 million euros the previous year. Actress Goldie Hawn and her daughter Kate Hudson were in the front row. In a tribute to Gianni, Donatella Versace brought back the most iconic looks from his collections spanning the 1990s, including silk blouses mixing leopard prints with images of baroque architecture.
The 26-year-old Garoppolo was carted off the field and exited the game with 251 yards and two scores on a 20-of-30 day. Garoppolo stayed down on the sidelines on his hands and knees with what initially appeared to be a shoulder injury.
Solih said his priority is to unite the country after years of heavy-handed rule under Yameen, who is yet to concede defeat. New Delhi described the outcome as a "triumph of democratic forces" in the country, which turned.
When Guyger put her key in the apartment door, which was unlocked and slightly ajar (according to the affidavit), it opened. The firing came after widespread calls for action against Guyger, who had been on administrative leave since the shooting.
Crude inventories fell by 2.1 million barrels, compared with expectations for a decrease of 2.7 million barrels. A new set of USA sanctions is due to hit the Islamic republic's oil industry on November 4.
The Russian military aircraft was downed by Syrian government missile defense systems, killing all 15 people on board. But, the Russian Defense Ministry on Sunday accused Israel of using the hotline to mislead Russia about its plans.
Senate Democrats, meanwhile, say that no matter what Republicans do, they intend to question Blasey themselves. First, studies have shown that a minority of sexual assault survivors report their assault to authorities.
The Chilean has only netted three goals in 23 games for Jose Mourinho's side but Pogba insists his teammate will get better. Let us know in the comments. 'He was fantastic for me when I lost my mother.
He wasn't in attendance to collect his award but Cristiano Ronaldo leads the line up top and completes a quite incredible side. Modric's success means Ronaldo remains tied with Messi having won FIFA's award in different guises five times each.
Bank Stadium, where the Vikings had won 10 of their last 11 games including the playoffs, began booing with increased intensity. Cousins had just 44 yards passing at halftime before throwing for 252 in the second half, when the game was out of reach.
Tiger finally scratches a five-year itch
Hobbled by back problems since 2014, Woods underwent spinal fusion surgery a year ago and returned to competition in December. At Augusta in April Woods described himself as a "walking miracle" and says he now realizes just how lucky he is.
5 trade proposals for Jimmy Butler
Symbolically, it hands Towns the keys to the franchise as the Timberwolves prepare to deal Butler. In July, Butler reportedly turned down Minnesota's four-year extension offer worth $110 million.
Tropical Storm Kirk expected to strengthen somewhat
The depression had been approaching the Lesser Antilles but thanks to hostile winds only a cyclonic wisp of clouds remained. It was cruising west at about 25 miles per hour , the National Hurricane Center said Sunday at 11 p.m.
Cosby back in court Monday for start of sentencing
Bill Cosby has arrived at court to face the prospect of spending the rest of his life in jail for drugging and molesting a woman. One key issue for the sentencing hearing is whether Cosby will be designated a " sexually violent predator ".
Tropical Storm Kirk Forms In The Atlantic
It's hard for a storm moving so fast to strengthen but forecasters think that might be possible for Kirk, albeit for a short time. Florence has the potential to make landfall Thursday in North Carolina as a Category 4 hurricane with 140 miles per hour winds.
How to watch Tiger Woods at the Tour Championship on Sunday
He holed another lengthy putt on the fourth while his birdies on the sixth and seventh came after impressive shots out of bunkers. The 42-year-old returned to golf this season after missing most of the previous two years with a debilitating back injury.
Family of Murdered Champion Golfer Speaks Out
Her body was pulled from a pond on the course and police said she was assaulted before she was killed by Collin Daniel Richards. Several speakers, including women's golf coach Christie Martens, talked about the star golfer from Spain.
Anthony Joshua Finishes Alexander Povetkin In The 7th Round
Anthony Joshua holds numerous world titles. "I've got my knockout streak back and I found my right hand again", Joshua said. Joshua tipped the scales at 17st 8lbs 5oz at yesterday's weigh-in, with Povetkin nearly two stone lighter at 15st 12lbs.
Solanke Out Of Liverpool, Southampton Fixture
That is good and good work from the fitness department. "Dom trains today, (for the) first time after his concussion". Mohamed Salah's sluggish start to the season is down to a fear of getting injured again after Sergio Ramos' tackle.