Shares in fashion brand Michael Kors are down more than eight per cent on rumours that it is in talks to buy Versace.
Fashion kingpin Versace is rumoured to be “within hours” of being sold, according to Italian news reports which emerged early this morning.
Newspaper Corriere della Sera, which has cited unnamed sources, said that a senior staff meeting will be held tomorrow ahead of a potential deal that would value Versace at as much as $2bn (£1.53bn).
Versace’s vice-president Donatella Versace, the sister of the Milan Group’s late founder Gianni, is reportedly set to attend the meeting.
Luxury jeweller Tiffany & Co. was also named as a potential buyer in reports.
While Versace boss Jonathan Akeroyd told Reuters earlier this year that the firm was in no rush to list, the company has been mulling a debut on the markets for several years, in the wake of US private equity group Blackstone buying a 20 per cent stake in 2014 to fund overseas expansion.