Italian Fashion Giant Versace Soon to Be Sold

Enterprise Television- Italian Fashion Giant Versace Soon to Be Sold

Italian biggest-selling newspaper on Monday said Versace, an Italian fashion giant is about to be sold, citing anonymous sources who suggested the deal could come in the next few hours.

According to the Corriere della Sera newspaper, the brand’s artistic director and vice-president of the group, Donatella Versace, have called a staff meeting in Milan for Tuesday.

Celebrity shoemaker Jimmy Choo, luxury jeweller Tiffany & Co and US fashion group Michael Kors Holdings were listed as possible buyers.

The company in its entirety is estimated to be worth some $2.0 billion (1.7 billion euros), the report said.

Versace could not immediately confirm the news to AFP.

Twenty per cent of the brand, known for its Medusa head logo, was bought by US private equity group Blackstone in 2014, and the family owns the rest.

The CEO, Jonathan Akeroyd said in June that the group, founded by designer Gianni Versace in 1978, boasted sales of 686 million euros in 2016 and turnover is expected to exceed one billion euros in the “short term”.

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