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Versace sale could be imminent- Corriere della Sera

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Versace sale could be imminent- Corriere della Sera
FILE PHOTO: Fashion designer Donatella Versace acknowledges the audience at the Versace show during Milan Fashion Week Spring 2019 in Milan, Italy, September 21, 2018. REUTERS/Stefano Rellandini   -   Copyright  Stefano Rellandini(Reuters)
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MILAN (Reuters) – The sale of Italian fashion house Versace could be announced “within hours”, daily newspaper Corriere della Sera said on Monday, citing unnamed sources.

Donatella Versace, sister of late founder Gianni who doubles as artistic director and vice-president of the Milan-based group, has called a staff meeting for Tuesday, the day the official announcement could be made, the paper added.

Versace declined to comment on the report.

The paper added the brand, known for its Medusa head logo, could be valued at $2 billion (£1.53 billion).

It also cited rumours saying that the buyer could be U.S. fashion group Michael Kors Holdings Ltd’s <KORS.N> or jeweler Tiffany & Co <TIF.N>.

Michael Kors and Tiffany could not immediately be reached for comment.

Versace has been considering a listing, after U.S. private equity group Blackstone bought a 20 percent stake in 2014 to fund overseas expansion, although Chief Executive Jonathan Akeroyd told Reuters earlier this year there was no rush for a market debut.

The Versace family owns the rest of the company.

(Reporting by Agnieszka Flak and Giulia Segreti; Editing by Toby Chopra)

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