MICHAEL KORS WILL PURCHASE VERSACE FOR $2 BILLION

September 24, 2018 The Unbiased Writer

Big news in the fashion world! According to multiple sources, Versace is set to be sold to Michael Kors for $2 billion USD. The deal is expected to be officially announced tomorrow by Donatella Versace during a staff meeting. As of now, Versace has declined to comment on the report. In related news, Versace sold a 20% stake in 2014 to US private equity group Blackstone. A deal would give Michael Kors a sought-after foothold in European fashion, and also mark one of the first attempts by an American fashion company to run an elite European brand. As a privately held company, Versace does not disclose its financial details. Documents filed with the Italian Chamber of Commerce in 2017 show Versace collected sales of $786.5 million, and reported $52.5 million in earnings before interest, tax, depreciation and appreciation. Stay tuned for updates!

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