Reports from the Italian daily newspaper Corriere della Sera suggest that the iconic Italian fashion house Versace is currently in talks for a potential sale. It is believed that an official announcement regarding the sale could be imminent, as Versace’s artistic director and vice-president, Donatella Versace, has called for a staff meeting scheduled for Tuesday.
With its renowned Medusa head logo, Versace is said to have an estimated value of $2 billion, making it an attractive acquisition target. Rumors are circulating that potential buyers for the luxury brand may include U.S. fashion group Michael Kors Holdings Ltd. or jeweler Tiffany & Co. However, neither of these companies has released any official statements regarding the matter.
After U.S. private equity group Blackstone acquired a 20 percent stake in Versace in 2014 to aid in its international expansion efforts, the fashion house has been exploring various financial strategies, such as a possible initial public offering. Despite these considerations, CEO Jonathan Akeroyd has previously stated to Reuters that there is no immediate pressure for Versace to go public, indicating that the brand is not rushing into a market debut.
The remaining shares of Versace are still held by the Versace family, who have historically played a pivotal role in guiding the luxury brand’s management and vision. Should the sale of Versace proceed, it would mark a significant development within the high-end fashion industry, generating excitement and speculation among fashion lovers around the globe.
For more information on the potential sale of Versace, you can visit the official website of Versace and keep updated with the latest news on Business of Fashion.
