If all goes according to plan, Versace may be the at the centre of a massive retail acquisition. Reports from Italian newspaper, Courier della Serra, indicate that the iconic luxury brand is in the process of being sold to Michael Kors for what some are claiming will reach roughly $2.4 billion USD.
European journalists broke the news over the weekend, with industry experts now coming out of the woodwork to support claims that Versace will be handing over its keys to Kors. With this potentially massive purchase, the American sportswear brand looks to be posturing itself against other major haute couture houses like Louis Vuitton, Kate Spade, and Coach.
Versace employees were told that a company-wide meeting will take place on Tuesday, and media outlets expect an official press release to follow these internal conferences. Despite the rumours spreading like wildfire, both Versace and Michael Kors representatives have declined to comment. This purchase would mark the first time an American brand will test itself at running a legendary European label like Versace.
Speaking with the Wall Street Journal, former Bergdorf Goodman executive Robert Burke, stated that Kors could end up boosting Versace’s overall sales. “Versace has struggled with its accessories business, and Michael Kors could help them with that,” Burke told press. In the meantime, we’ll have to wait and see if the acquisition is official before any of us get ahead of ourselves.