Article 3ZE1D Versace close to being sold to US label Michael Kors for $2bn

Versace close to being sold to US label Michael Kors for $2bn

by
Rupert Neate Wealth correspondent
from World news | The Guardian on (#3ZE1D)

Donatella Versace expected to confirm deal with handbag and clothing brand on Tuesday

Versace, the Italian fashion house founded by Gianni Versace 40 years ago, is expected to be sold to the US handbag and clothing brand Michael Kors for $2bn (1.5bn).

The sale of the Milan-based brand would turn the late designer's niece, Allegra Versace Beck, into a near-billionaire as she inherited half of the company after his murder outside his Miami mansion in 1997.

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