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Abu Dhabi, UAETuesday 16 October 2018

Potential Versace acquisition is the talk of Milan Fashion Week

The official announcement is expected this week, according to Italian newspaper Corriere della Sera

Models walk at the Versace show during Milan Fashion Week Spring 2019 in Milan, Italy, September 21, 2018. Reuters
Models walk at the Versace show during Milan Fashion Week Spring 2019 in Milan, Italy, September 21, 2018. Reuters

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

Donatella Versace, sister of late founder Gianni who doubles as artistic director and vice president of the group, has called a staff meeting for Tuesday, the day the official announcement could be made, the paper said.

Versace declined to comment on the report.

The paper added the brand, known for its Medusa head logo, could be valued at $2 billion (Dh7.3bn).

The report also cited rumours that the buyer could be US fashion group Michael Kors or jeweler Tiffany & Co.

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Michael Kors and Tiffany could not be reached for comment.

Versace has been considering a listing, after US private equity group Blackstone bought a 20 per cent 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.