Wait, Is Michael Kors Buying Versace?

27 September, 2018, 01:09 | Author: Mary Valdez
  • Models present creations at the Versace show during Milan Fashion Week earlier this month. | Source Wall Street Journal

"While it is true that the enlarged group would be able to make savings on central costs, we don't see the addition of a brand like Versace being about helping to boost the Michael Kors brand", said Saunders.

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.

There was no immediate comment from either of the fashion companies. Tapestry, formerly Coach, owns Stuart Weitzman and past year it acquired Kate Spade.

Rumours of an IPO have resurfaced since the company sold a 20 per cent stake to private equity giant Blackstone in 2014.

Michael Kors ($KORS) is reportedly nearing a deal to buy Versace in a deal that would value the storied Italian fashion house at around $2 billion.

A representative for Versace declined to comment on the potential transaction.

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With the Jimmy Choo purchase already showing results for the brand's top line, Kors' ambitions for aggregating various luxury brands under one large successful group continues to take shape.

Shares of Kors fell 7.4 per cent to US$67.32 in mid-morning trading in NY.

In 2016, Versace poached Alexander McQueen's boss Jonathan Akeroyd to help it smarten up for a stock market listing, although that never materialised. Versace has been pushing for an initial public offering, or IPO, but they failed to reach the goal due to a fluctuating market. Donatella serves as creative director, while Santo is chairman.

Versace had revenue of €686m euros and returned to profit in 2017, according to figures provided by the company. In a tribute to Gianni, Donatella Versace brought back the most iconic looks from his collections spanning the 1990s, including silk blouses mixing leopard prints with images of baroque architecture.

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

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