U.S. fashion group Michael Kors Holdings Ltd has sealed an agreement to take control of Italy's Gianni Versace SpA, three sources familiar with the matter said on Monday, adding that an official announcement would be made this week.
Donatella Versace, sister of late founder Gianni, became the fashion house artistic director and vice-president after Gianni was was murdered in Miami Beach in 1997.
The Versace family, which owns 80 per cent of the company, will continue to have a role under any agreement, the people familiar with the situation said. Both companies have declined to comment on the matter for now, however.
The deal gives Michael Kors a mega-brand and red carpet favourite that is among the most recognizable and followed fashion labels in the world. A spokesman for Blackstone had no comment.
Others have expressed interest in buying Versace, including Paris-based Kering, but some are insisting the price is too high.
Shares in New York-listed Michael Kors, which a year ago acquired show brand Jimmy Choo for £896million, fell by more than 8 per cent on the rumours.
The transaction would be meant to position Michael Kors more fully as a competitor to Paris-based LVMH and Kering and the Swiss company Richemont among global heavyweights in luxury across various product lines, analysts said.
Versace, known for its flamboyant style and Medusa-head logo, hired chief executive officer Jonathan Akeroyd in 2016 from Alexander McQueen. Versace has been pushing for an initial public offering, or IPO, but they failed to reach the goal due to a fluctuating market.
Versace is run by Donatella Versace, creative director, and her brother Santo Versace, chairman, who own 20 percent and 30 percent of the firm, respectively.
Versace does not disclose its financial details, but documents deposited with the Italian chamber of commerce show that past year it posted sales of 668 million euros (US$786 million) and earnings before interest, tax, depreciation and appreciation (EBITDA) of 44.6 million euros.
Last year it returned to a net profit of just under 15 million euros compared with a net loss of 7.9 million euros the previous year.
The brand has been at its most prominent in years since a hit show last September at Milan Fashion Week. She closed the collection by walking the runway herself, arm-in-arm with 1990s models including Carla Bruni and Cindy Crawford.
The effort crumbled a week after Trump tweeted the White House felt "no pressure" to resolve the dispute with China. China has responded with tariffs on USA goods worth $110 billion and declined an invitation for talks this week.
None of the other accusers who testified at Bill Cosby's sexual assault retrial will take the stand at his sentencing hearing . In court in April, moments after his conviction, Cosby called Steele an expletive and said he was "sick of him".
He said operations were minimally damaged, and the company was looking to relocate chickens that survived to other farms. He said the town has no water, no sewage, no gasoline and they have been told that they won't have power for eight days.
However, this only accounts for a fraction of the times he has lost the ball and shows that his risks are not coming off. Then there were a few more mistakes and not a lot of movement in front because we didn't really put them in trouble.
Ronaldo also scored a memorable hat-trick in the FIFA World Cup but did not progress beyond the round of 16. The best goalkeeper award will be fought for between Thibaut Courtois, Kasper Schmeichel and Hugo Lloris.
Seemed like an easy payday with the Buffalo Bills getting blown out 47-3 in Week 1, and a player retiring at half time in Week 2. Minnesota is a really hard place to play and Allen made it look easy on a 75-yard touchdown drive to start the game.
Sources say Gronkowski's position was more related to not wanting to leave the Patriots rather than play for the Lions. Through three games, the Brady-Gronkowski connection has seen No. 87 total 13 catches for 189 yards and a touchdown.
Prices hit a two-month high Wednesday as Brent crude - the world's most closely followed gauge - rose above $79 a barrel. Crude inventories fell by 2.1 million barrels, compared with expectations for a decrease of 2.7 million barrels.
China, which has loaned Yameen's government hundreds of millions of dollars for an infrastructure blitz, was yet to comment. According to sources, as the results became clear, Yameen went briefly to the Maldives National Defence Force headquarters.
A man, Collin Daniel Richards, was taken into custody, held on $5 million bond, and has been charged with first-degree murder . It was just a month later Richards found himself in front of judge again for stealing a vehicle .
India's defence ministry wrote on Twitter that neither the Indian nor French government "had any say in the commercial decision". The Congress promptly launched the hashtag #ModiRafaleLiesExposed with an acerbic comment: "It's hard to deny the truth".
Willian Starts - Chelsea Team vs West Ham Confirmed
Chelsea failed to maintain their 100 percent record after West Ham chiselled out a goalless draw at the London Stadium on Sunday. Chelsea travel to the London Stadium this Sunday to take on West Ham United in the Premier League.
Joshua adds weight for title fight against lighter Povetkin
It will be either the winner of the all-British clash between Dillian Whyte and Dereck Chisora or the Wilder-Fury victor. Joshua tipped the scales at 17st 8lbs 5oz at yesterday's weigh-in, with Povetkin nearly two stone lighter at 15st 12lbs.