Versace is an Italian fashion brand founded by Gianni Versace 40 years ago, set to be sold to Michael Kors.
Michael Kors is set to buy the Italian firm for a deal worth about €1.7 ($2bn), The Versace family still owns 80% and sold 20% stack to Blackstone a US private equity group.
Donatella Versace, the vice president and firm’s artistic director called a staff meeting on Tuesday in Milan.
Michael David Kors is an American sportswear fashion designer. He is the honorary chairman and chief creative officer for his company, Michael Kors Holdings Limited, which sells men’s and women’s and ready-to-wear, accessories, watches, jewelry, footwear and fragrance