Never miss an Axios exclusive. Sign up for Mike Allen's AM newsletter.

Stories

Michael Kors will reportedly buy Italian brand Versace

Outside of Versace store.
Versace store in Milan, Italy. Photo: Vittorio Zunino Celotto/Getty Images

Michael Kors is close to buying Versace in a deal valuing the brand around $2 billion, multiple news outlets report. Blackstone, which has a 20% stake in the company, will reportedly exit, while the Versace family will maintain its role.

Why it matters: After its acquisition of Jimmy Choo last year, Michael Kors made it clear it wants a leg up in the luxury retail world. A Versace takeover would help it compete with the likes of Coach-parent Tapestry, which owns Stuart Weitzman and Kate Spade, and other fashion conglomerates like LVMH.

More stories loading.