Versace Set to Be <br />Bought by Michael <br />Kors in $2 Billion Deal The deal is in advanced <br />talks and could be<br />announced by Michael <br />Kors as early as this week. The Versace family continues to own 80% of the Italian fashion house, which was founded 40 years ago by fashion icon Gianni Versace. The Blackstone Group owns the other 20%. Versace's sales <br />equated to over <br />$800 million in 2016. Handbag maker <br />Michael Kors also owns <br />luxury shoemaker <br />Jimmy Choo, It's thought that Kors is seeking to create a U.S. multibrand fashion empire similar to fashion conglomerates in Paris. Neither Versace, Blackstone <br />or Michael Kors commented <br />on the deal.
