Versace Is Allegedly Getting Sold!

Italian fashion house Versace is reportedly getting sold.

According to Reuters, the Italian Fashion brand which was founded 40 years ago by the late Gianni Versace is getting sold for about €1.7bn ($2bn, £1.5bn) to Michael Kors Holdings.

Donatella Versace, vice president and artistic director of the brand is said to have called for a staff meeting on Tuesday after which the sale would be made public.

The Versace family still gets to keep 80% of the company shares as they sold 20% of their stake to US private equity group Blackstone four years ago.

Michael Kors also bought Shoe brand Jimmy Choo last year for £900m.