Versace, the Italian fashion house founded by Gianni Versace 40 years ago, has reportedly been sold to US handbag and clothing brand Michael Kors for $2bn (£1.5bn).
Donatella Versace, the brand’s vice-president and artistic director, has called an all-staff meeting for Tuesday to announce the deal, according to the Italian newspaper Corriere della Sera.
The sale of Versace, which is known for its Medusa head logo, was sealed on Monday, three sources familiar with the talks confirmed to Reuters. Versace and Michael Kors declined to comment.
The Italian label is owned by the Versace family and the US private equity group Blackstone, which holds a 20% stake. Reports suggest that Blackstone will sell its whole stake, while the Versace family will retain a minority stake and some creative control.
Versace had planned to float the company on the stock market but put the plans on hold owing to unfavourable conditions. Its chief executive, Jonathan Akeroyd, said earlier this year that he expected the brand to achieve sales of more than €1bn (£895m) in 2018, up from €686m in 2016, the latest available figures.
Michael Kors has bought several fashion labels recently, including the London shoemaker Jimmy Choo for almost £900m.
Donatella Versace took over the creative reins of Versace from her brother Gianni after he was murdered outside his Miami mansion in 1997.
