Markets

Michael Kors to take control of Italy's Versace

Michael Kors to take control of Italy's Versace

Versace is reportedly set to be snapped up by U.S. fashion group Michael Kors in a $2bn (£1.5bn) deal.

Versace, famous for its baroque designs which regularly feature at A-list fashion events, was persuaded to sell the business by USA private equity group Blackstone, who own 20 per cent of the company. Some accounts said Donatella Versace, the brand's iconic leader, would continue to have a role with the company after the deal.

The deal is expected to close in the fourth fiscal quarter, subject to regulatory approvals.

If the deal goes through, Kors could potentially turn one of the world's most highly regarded luxury clothing brand into a household name, according to fashion insiders.

Versace, which makes more than half of its sales in Asia, would be a crown jewel for Michael Kors Holdings (kors), which previous year purchased shoe brand Jimmy Choo for $1.2 billion.

Among possible buyers are said to be Jimmy Choo, Tiffany & Co, and Michael Kors Holdings.

Dan Rather speaks on United States midterm elections
The United States economy created 3.5 million jobs since Trump took office, according to the White House. It is time for you to put country above political party in November.


She says the deal would now give Kors the ability to "properly compete with Kering's power brand, Gucci". The Italian fashion house that's responsible for making those colorful silk blouses and body-hugging dresses could soon have a new parent company.

Others worry that the reported price tag for Versace looks rich. Versace, whose namesake designer was gunned down in 1997 by aserial killer, is a brand that "some perceive as past its peak", said Craig Johnson, president of Customer Growth Partners. The shares had recovered since then, trading 15 per cent higher for the year through the end of last week, with Choo boosting the latest quarterly results. A spokesman for Blackstone had no immediate comment.

While she has since recovered and still runs Versace, the company is only modestly profitable, generating about $18 million in profits on $822 million in sales previous year. Versace has been pushing for an initial public offering, or IPO, but they failed to reach the goal due to a fluctuating market. She is artistic director of the fashion house.

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.

Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan, Italy, September 21, 2018.

Versace was founded by Gianni Versace in 1978.


loading...
  • Cold spell is near, get the flu shots

    Cold spell is near, get the flu shots

    The vaccines will be available from 8 a.m.to 6 p.m. on October 18 at the health department offices at 2747 Fourth St.in Brunswick. That's why the CDC is urging people to act now, just before the October start of the 2018-19 flu season and get vaccinated.
    Tom Arnold Claims

    Tom Arnold Claims "Apesh*t" Mark Burnett Attacked Him Over Trump Tapes

    Tom Arnold scuffling with Mark Burnett , apparently! Variety's source says both men were eventually allowed to enter the party. We asked Arnold if he expect's Fogel to speak out on the incident. "About my show, and uh, Trump ".
    Pressure Mounts On Republicans To Postpone Brett Kavanaugh Vote

    Pressure Mounts On Republicans To Postpone Brett Kavanaugh Vote

    The school's head, Susanna Jones, released a statement Sunday calling it "imperative" that Ford's story be heard. Kavanaugh says in the statement he "had no idea who was making this accusation until she identified herself".
  • This Could be our First Look at the Google Home Hub

    This Could be our First Look at the Google Home Hub

    Additionally, Google and Amazon offer cheaper alternatives to their main smart speakers , something Apple has yet to do. We can take this as the Google's Smart Displays , which too has got a special interface of Google Assistant .
    Canelo Alvarez wins middleweight title with a close decision

    Canelo Alvarez wins middleweight title with a close decision

    I think that five or ten years ago, Golovkin would have finished the knockout. "I'm satisfied with the way we did it today". If Golovkin was handed the final round by just one judge, it would have ended up in a second draw between the duo.
    IPhone Xs officially unveiled with 120Hz HDR screen and 512GB of storage

    IPhone Xs officially unveiled with 120Hz HDR screen and 512GB of storage

    The iPhone XSMax is a little bit more expensive as it will set you back €1,279 and it's available in the exact same colours . The new iPhones have more powerful processors and cameras , and a dual-SIM card feature for top-of-the-line devices.
  • Moscow: Israeli Fighter Jets Used Doomed Russian Plane as Cover

    Moscow: Israeli Fighter Jets Used Doomed Russian Plane as Cover

    Shoigu said it was one of the counter-measures to maintain security in Syria's airspace after the loss of the Ilyushin-20 plane. Earlier in the war, Russian Federation suspended a supply of S-300s, which Israel feared Syria could use against it.
    Dallas police chief terminates officer who fatally shot man in his apartment

    Dallas police chief terminates officer who fatally shot man in his apartment

    On Sept. 14, protesters rallied from the Dallas Police Department, near the apartments where Guyger shot Jean , to downtown. Amber Guyger was charged with manslaughter in connection with the September 6 shooting death of 26-year-old Botham Jean .
    USTR finalizes $200 billion in China tariffs

    USTR finalizes $200 billion in China tariffs

    The US is imposing new tariffs on $US200 billion ($NZ304b) worth of Chinese goods as it escalates its trade war with Beijing. This latest round means that around half of all Chinese imports to the U.S. are now subject to the new duties.
  • Tim Cook defends pricing of new iPhones, says it's worth the money

    Tim Cook defends pricing of new iPhones, says it's worth the money

    Also, in another report, Apple is said to be unlikely to include the lightning-to-headphone jack converter in 2018 iPhone models . The information comes from Digitimes , a sometimes-accurate source of information on the supply side of consumer electronics.
    The Captain Marvel Trailer is Here

    The Captain Marvel Trailer is Here

    Listen to Newsbeat live at 12:45 and 17:45 every weekday on BBC Radio 1 and 1Xtra - if you miss us you can listen back here. She's confused as to where she is, as she undoubtedly came from space. "And I know a renegade soldier when I see one".
    Here Is What Brett Kavanaugh Said About Sexual Misconduct In His Hearings

    Here Is What Brett Kavanaugh Said About Sexual Misconduct In His Hearings

    In her Sunday op-ed, Feinstein accuses Kavanaugh of being overly ideological and references the sexual misconduct allegation. The professor said she was being treated for long-term effects of the encounter which she described as a "rape attempt".