LUXURY

Report: Michael Kors Close to Buying Versace in $2 Billion Deal

U.S. fashion brand Michael Kors may announce a deal as early as this week.

Michael Kors Holdings Limited is close to taking control of Italian fashion house Versace, Bloomberg reported Monday. Michael Kors, best known for leather handbags and watches, has been making moves to expand its luxury portfolio including the purchase of British shoe brand Jimmy Choo last year. A source close to the Versace family told Reuters, “[Investors] gradually persuaded the family to look into a possible sale and introduced them to a series of buyers, including Michael Kors.” The deal with Michael Kors could value the company at $2 billion, according to sources familiar with the matter. An official announcement is expected later this week.