The Italian fashion house, Versace, founded by Gianni Versace 40 years ago, will be sold to American brand Michael Kors for $ 2 billion.
According to Corriere della Sera, Donatella Versace, vice-president of the brand and artistic director, gathered all the staff on Tuesday to announce the sale.
Three sources confirmed to Reuters that Versace's sale was stamped on Monday. Two brands, Versace and Michael Kors, declined to pronounce.
80% of the Italian brand is owned by the Versace family, and the rest by the American Blackstone group. It is reported that Blackstone will sell everything it can, while the Versace family will keep a minimalist percentage and will retain some of the creative direction.
Earlier, it was planned for the Versace company to emerge on the stock market, but this was postponed due to unfavorable conditions. Michael Kors, on the other hand, has bought some brand new fashion recently including Jimmy Choo.
Source: The Guardian