Donatella Versace expected to confirm deal with handbag and clothing brand on Tuesday
Versace, the Italian fashion house founded by Gianni Versace 40 years ago, is expected to be sold to the US handbag and clothing brand Michael Kors for $2bn (1.5bn).
The sale of the Milan-based brand would turn the late designers niece, Allegra Versace Beck, into a near-billionaire as she inherited half of the company after his murder outside his Miami mansion in 1997.
The Versace family still own 80% of the fashion house following the sale of a 20% stake to the US private equity group Blackstone for 210m in 2014. Of the remaining stake, Allegra owns 50%, her mother and Giannis sister, Donatella Versace, owns 20% and Giannis older brother, Santo, owns 30%.
The family would retain a minority stake and some creative control in the company, according to Reuters, which said three sources confirmed the deal with Kors. Blackstone would sell its entire stake.