Michael Kors is reportedly looking to purchase Versace for $2 billion
Versace could be purchased by Michael Kors as early as this week
You’ve heard of Michael Kors, right? Well, turns out that the American fashion designer and Project Runway star is a lot bigger than his expensive line of watches and is now looking to continue buying some of fashion’s hottest designer brands. It’s been reported that Kors is looking to purchase the iconic Italian luxury brand Versace for $2 billion, just after having purchased Britain’s Jimmy Choo last year for $1.2 billion.
According to Bloomberg, Versace has recently become profitable again after Donatella and brother Santo Versace stepped back in to help run the business, generating 686 million euros in revenue last year. It’s been reported that both Versace siblings will continue to help run the business, even after the acquisition is made – which may come as soon as this week. And this is following news earlier today that Sirius XM will be buying Pandora Radio for $3.5 billion. What a week for acquisitions. Let us know what you think about the potential purchase in the comments section below and be sure to subscribe to The Sitch for more Michael Kors news and other entertaining reads.