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Michael Kors to buy Italian fashion house Versace

Updated : September 24, 2018 11:15 PM IST

US fashion group Michael Kors is reportedly buying Italy's Versace. The deal could value the Versace brand at over $2 billion.

Versace is owned by Blackstone and the Versace family. Blackstone, which bought 20% stake in versace in 2014 will reportedly completely exit the company.

The Versace family will retain a minority stake and some creative control.

An official announcement of the deal is expected this week. Michael Kors bought British stiletto-heel maker Jimmy Choo for $1.2 billion last year.
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