Versace on verge of being sold for $2bn

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Versace is reportedly on the verge of being sold for as much as $2 billion (£1.53 billion) in a move that would see it fall out of its eponymous family’s ownership for the first time.

According to Italian newspaper Corriere della Sera Donatella Versace, the fashion brand’s vice president and sister of the late founder Gianni Versache, has called a staff meeting tomorrow in which the sale it expected to be announced.

Though details of the buyer have not yet been confirmed, sources told the Italian paper that both Michael Kors and Tiffany & Co could be potential bidders.

It is currently owned by the Versace family, alongside private equity firm Blackstone which took a 20 per cent stake in 2014.

Though its boss Jonathan Akeroyd denied the retailer was keen to go public, it is understood that Blackstone’s presence has driven consideration of a public listing.

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