US fashion group Michael Kors
Holdings has reached a deal to buy iconic Italian fashion house
Versace, sources said Monday.
The deal will be announced later Monday or on Tuesday, the
sources said.
Kors stock fell 7% in New York on news of the acquisition.
Milan daily Corriere della Sera said earlier Monday
the Versace sale could be announced soon.
The report said the fashion house could be valued at two
billion dollars, indicating as potential buyers either Kors or
Jeweler Tiffany & Co.
The paper added that Donatella Versace, sister of late
founder Gianni who works in the company as its artistic director
and vice-president, could make an announcement in the coming
days, possibly as early as Tuesday.
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