Versace soon to be sold

Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan on Friday

Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan on Friday

The sale of Italian fashion house Versace could be announced "within hours", daily newspaper Corriere della Sera said on Monday, citing unnamed sources.

Versace declined to comment on the report.

The US fashion group has agreed to buy the Italian firm in a deal worth about €1.7bn ($2bn, £1.5bn), Reuters reported.

USA fashion group Michael Kors Holdings Ltd has sealed an agreement to take control of Italy's Versace, three sources familiar with the matter said on Monday, adding that an official announcement would be made this week.

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The Italian label is owned by the Versace family and the USA private equity group Blackstone, which holds a 20% stake.

The Versace family still owns 80% of the company.

Versace, which makes more than half of its sales in Asia, would be a crown jewel for Michael Kors Holdings (kors), which previous year purchased shoe brand Jimmy Choo for $1.2 billion.

The fashion house, founded by designer Gianni Versace in 1978, posted sales of €686 million in 2017 with net profits of €15 million. Chief executive Jonathan Akeroyd said earlier this year that annual turnover was soon expected to exceed €1bn.

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