The deal comes as budding luxury conglomerates, including Michael Kors' U.S. rival Tapestry, owner of Coach and Kate Spade, are trying to make inroads into an industry still dominated by major European players, including Louis Vuitton owner LVMH. The deal gives Michael Kors a mega-brand and red carpet favourite that is among the most recognizable and followed fashion labels in the world. The Versace family is reported to want to continue its involvement. "They gradually persuaded the family to look into a possible sale and introduced them to a series of buyers, including Michael Kors," the person added. Versace family to stay involved"They didn't feel the need to invest so much money into another Italian fashion brand.

Source: CBC News September 24, 2018 15:00 UTC