Michael Kors may be about to rack up a serious bill at Versace. He’s not buying a new baroque-inspired coat or redecorating his home with Versace’s home collection, but may be buying the entire company for a cool $2 billion, aka the same cost as 493,827 limited edition Palazzo Empire bags.
According to a Bloomberg report, Michael Kors Holding Ltd. is nearing an agreement to buy the Italian fashion house, out-maneuvering several other interested parties. The Versace company returned to profitability in 2017, making it attractive to potential buyers, including Tiffany & Co., LVMH, PVH Corp., and Tapestry (that’s the group that owns Coach), according to a report by Women’s Wear Daily.
The leader of the pack is every mom’s favorite handbag maker, Kors. Donatella Versace, who has helped run the family company since her sibling Gianni was murdered in 1997 (see: The Assassination of Gianni Versace: American Crime Story for details), has reportedly called an all-staff meeting to announce the sale to Kors & Co on Tuesday.
We reached out to Michael Kors for comment and will update if we hear back.