In 2016, Versace poached Alexander McQueen's boss Jonathan Akeroyd to help it smarten up for a stock market listing, although that never materialised. The shares have recovered since then, trading 15 percent higher for the year, with Choo boosting the latest quarterly results.
London-based Kors previous year snapped up shoemaker Jimmy Choo Plc for about 896 million pounds ($1.2 billion), expanding beyond its namesake brand.
Versace, one of the few Italian fashion companies which is still independent, is reportedly finalising the terms of the deal today.
Four years ago it sold a 20% stake to USA private equity group Blackstone.
Michael Kors Holdings Ltd.is adding some Italian flair.
"I can't tell you whether he is going to sell dresses for $100 or $300, but I can tell you he is going to find a way to reach a lot more customers by broadening its playing field", Weber says. Such a big number extinguished interest from most potential strategic buyers, including Tapestry, save for Kors, which pulled out a bigger checkbook and pursued exclusive negotiations in recent weeks, the source said. "They needed a buyer who could make heavy investments".
As part of the deal, Blackstone will fully exit Versace, while the family, which owns the rest of the fashion house via a holding company called Givi, will keep a role, the sources said. While talks are advanced, no final agreements have been reached, the people said.
She presented her latest collection for next spring and summer last Friday during Milan Fashion Week and was honored on Sunday by the Italian Fashion Chamber. Donatella Versace holds 20 percent, her brother Santo 30 percent and Donatella's daughter Allegra 50 percent.
Versace had revenue of €686 million euros and returned to profit in 2017, according to figures provided by the company.
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