USA fashion group Michael Kors Holdings Ltd. has agreed to take control of Italy's Versace in a deal that could value the company at $2 billion United States, sources familiar with the matter said on Monday. Michael Kors and private equity firm Blackstone, which owns 20% of Versace, did not immediately respond to a request for comment.
Budding luxury conglomerates, including Michael Kors' U.S. rival Tapestry TPR.N , 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 LVMH.PA .
"[Blackstone] gradually persuaded the family to look into a possible sale and introduced them to a series of buyers, including Michael Kors", the source said.
This outfit looks a little flashy for Michael Kors.
Italian newspaper Corriere della Sera reported earlier that Versace could be sold this week for about US$2b, with several groups interested including Kors and Tiffany & Co.
The group, founded by designer Gianni Versace in 1978, boasted sales of 686 million euros (S$1.1 billion) in 2016 and turnover is expected to exceed one billion euros in the "short term", CEO Jonathan Akeroyd said in June.
Michael Kors may be about to rack up a serious bill at Versace.
Blackstone, whose stake acquisition valued Versace at $1.4 billion in 2014, declined to comment.
Also weight in on the conversation is Pascal Martin, partner, OC&C Strategy Consultants, who said Versace's new owner is betting on all the obvious levers - open more stores, grow e-commerce, increase the accessory business - to accelerate growth. Previous year the American company acquired Jimmy Choo for $1.2bn. The company had been working toward an initial public offering, though market conditions haven't allowed it to move ahead. Donatella Versace is now the chief designer of Versace Group, and sister of its founder.
Versace had revenue of €686m euros and returned to profit in 2017, according to figures provided by the company. She is artistic director of the fashion house. She closed the collection by walking the runway herself, arm-in-arm with 1990s models including Carla Bruni and Cindy Crawford.
Coca-Cola shares were marginally higher in a US market struggling against expectations of another round of Chinese trade tariffs. The company is the world's largest beverage maker, responsible for 1.9 billion of the 60 billion beverage servings every day.
LA Galary forward and Swedish superstar Zlatan Ibrahimović just scored his 500th career goal in very fitting fashion. Since then, the former Swedish worldwide has scored 17 goals for the MLS side in 22 appearances.
If true, this could also mark Amazon's debut in the home appliance market, something Apple and Google are yet to make inroads. And in its most recent earnings report, Amazon CEO Jeff Bezos hinted at his ambition for making Alexa more widely used.
Meteorologist Eric Holthaus warned on Twitter that it could become one of the worst storms in United States history. On its current track, the storm could make landfall around the Carolinas on Thursday or Friday.
Massive waves from the hurricane will make the rush of water even more risky and damaging, the National Hurricane Center warned. As of midday on Tuesday, Florence remains a powerful category 4 hurricane with maximum sustained winds of 130 miles per hour .
Jean's mother, Allison, learned of Guyger's termination during a Sunday evening conference call with Hall, family attorney S. The Dallas Police Department released a statement via Twitter Monday afternoon announcing the firing of Amber Guyger .
The 5.8-inch iPhone XS , visually similar to last year's iPhone X, comes in three storage options - 64GB, 256GB and a new 512GB. In terms of dimensions, iPhone XS is identical to the X, which means all older cases and accessories will be compatible.
Though she's always been an activist for her favored causes of education and same-sex marriage, running for office is new to her. Congress and bolster their ranks in state governments across the country in November 6 elections.
The New York Post quoted an unidentified "high-ranking source" as saying that the home was also serving as a "citizenship mill". The victims - two little girls and a boy, plus two adults - were in stable condition Friday at local hospitals, NY police said.
The stunning development that Manafort will assist prosecutors who went after him on a raft of money laundering and tax charges. This is for conduct that dates back many years and everybody should remember that", said attorney Kevin Downing.
Alexander Petrov (left) and Ruslan Boshirov are charged with using novichok to poison an ex-spy and his daughter. Britain blames the Russian government for the March attack, a claim that Moscow has vehemently denied.
How to watch the Anthony Joshua fight tonight
Either way, Joshua is scheduled to have another fight at Wembley Stadium on April 13, 2019, but the opponent has not been decided. Knocking the Russian initially, Povetkin made it up within the count, but not for too long.
Apple No Longer Bundles 3.5mm Audio Dongle With New iPhones
On the iPhone Upgrade Program the XS Max is $54.08 a month for 64 GB, $60.03 a month for 256 GB, and $68.66 a month for 512 GB. The iPhone XS , iPhone XS Max and iPhone XR will be in stores by the end of September, and they will not come cheap .