US luxury group Michael Kors is set to announce a deal to buy Milanese fashion house Versace in a deal worth about $2bn, according to two people briefed on the talks.
The agreement, expected to be announced on Tuesday morning, will see the Versace family selling alongside US private equity firm Blackstone, which took a 20 per cent stake in Versace in 2014. The $2bn valuation includes net debt.
The deal would come after Versace, one of the last independent fashion houses, put the brakes on an initial public offering because market conditions were not deemed suitable, according to a person briefed on the decision.
Another person informed of the talks said the deal was not yet final and Versace had spoken to other possible buyers.
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