September 24, 2018 / 7:03 AM / in 22 days

Versace sale could be imminent- Corriere della Sera

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.

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

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.

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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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