Versace set for takeover in $2bn deal

25 September, 2018, 04:14 | Author: Teresa Adams
  • Lifestyle       by Asma Malik | Published

Several Parties Italian newspaper Corriere della Sera reported earlier that Versace could be sold this week for about $2 billion, with several groups interested including Kors and Tiffany & Co.

Kors, whose shares are listed in NY, alarmed investors earlier this year when it reported a decline in retail sales under its main brand in the Americas, even as the smaller European and Asian markets fared better.

London-based Kors past year snapped up shoemaker Jimmy Choo Plc for about £896 million ($1.2 billion), expanding beyond its namesake brand.

The transaction would be meant to position Michael Kors more fully as a competitor to Paris-based LVMH and Kering and the Swiss company Richemont among global heavyweights in luxury across various product lines, analysts said.

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Kors, whose shares are listed in NY, alarmed investors earlier this year when it reported a decline in retail sales under its main brand in the Americas, even as the smaller European and Asian markets fared better. No matter what happens to the Versace brand, the Versace family will be involved within the company regardless.

Donatella Versace has run the label since her brother was murdered.

Budding luxury conglomerates, including Michael Kors' U.S. rival Tapestry, owner of Coach and Kate Spade, are trying to make in-roads into an industry still dominated by European players such as Louis Vuitton owner LVMH. The shares have recovered since then, trading 15 percent higher for the year, with Choo boosting the latest quarterly results.

Two of the three sources who spoke to Reuters said the company had agreed to pay a large premium for Versace, known for its Medusa head logo.

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Versace had planned to float the company on the stock market but put the plans on hold owing to unfavourable conditions. Donatella herself owns 30 percent of the holding, with the remainder in the hands of her brother Santo.

LVMH, PVH Corp. and Tapestry also looked at Versace in recent months, according to a report on Sunday by Women's Wear Daily.

The company posted revenue of 686 million euros in 2016 and returned to profitability in 2017.

Fashion designer Donatella Versace acknowledges the audience at the Versace show during Milan Fashion Week Spring 2019 in Milan, Italy, September 21, 2018.

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Versace was founded by Gianni Versace in 1978.

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