Deals
Michael Kors Is Close to Buying Versace for $2 Billion
- Deal may be announced this week valuing Versace at $2 billion
- Versace had drawn takeover interest from a number of suitors
Handbag maker Michael Kors Holdings Ltd. is nearing an agreement to buy Gianni Versace SpA after the Italian fashion house known for its baroque designs drew interest from several suitors, people familiar with the plans said.
Michael Kors may announce a deal as early as this week that values Versace at about $2 billion, said the people, who asked not to be identified as the discussions are private. Donatella Versace, who has helped run the company with her brother Santo Versace since the murder of their sibling Gianni in 1997, has called a meeting with employees Tuesday to announce the sale, according to two people familiar with the situation. Kors shares slumped the most since May.