The Italian luxury fashion company, Versace, is set to be sold to the American sportswear label that is Michael Kors in what will surely become a historic deal. To be precise, Donatella Versace called a staff meeting today to officially announce that Michael Kors Holdings Limited is set to purchase Gianni Versace’s creation off of GIVI Holding S.p.A. for the price of $2BN.
Now although this comes as a surprise to many, if you cast your mind back to 2014 you will remember that the brand sold a 20% stake to the US private equity group that is Blackstone, so to some, it was only a matter of time until they saw the rest of the company off. As for how this will affect the label’s upcoming projects, I guess we will just have to wait and see.
