Michael Kors ‘to take over Versace’, but family will keep role, says insiders
London — US fashion group Michael Kors Holdings has agreed to take control of Italy’s Versace in a deal that could value the company at $2bn, sources familiar with the matter said on Monday. The deal comes as budding luxury conglomerates, including Michael Kors’s US rival Tapestry, the owner of Coach and Kate Spade, are trying to make inroads into an industry still dominated by major European players, including Louis Vuitton owner LVMH. Michael Kors, whose label is best known for its leather handbags, has made no secret of its ambition to grow its portfolio of high-end brands after swooping on UK stiletto-heel maker Jimmy Choo for $1.2bn last year. Versace is one of a clutch of family-owned, independent Italian brands that have regularly been cited as attractive targets as the luxury industry rides high on strong demand from China. But not all brands have benefited equally, with some struggling to refresh their image or products to capture a younger audience, and some fashion groups...
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