18 October 2018

Versace takeover will bring jobs to Italy

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Fashion house Versace did not receive any offers from Italian investors before selling to Michael Kors (KORS.N) but the deal with the U.S. fashion group will create jobs in Italy, creative director Donatella Versace told newspapers on Wednesday. reports citing Reuters.

“In the last year Versace has been approached by many people. French, American ... but no Italians. It was not us who refused to take part in an Italian group,” Donatella, the sister of Versace’s late founder Gianni, told Corriere della Sera.

She added the deal showed how desirable Italian brands are to foreign investors, speaking in similar interviews with daily la Repubblica and financial paper Il Sole 24 Ore, and dismissing criticism over a sale to foreigners.

“It’s an important share,” Donatella said, without giving details. The newspapers estimated the share would be between 1.5 percent and 2 percent.

“Be prepared, Versace will be now more powerful than ever,” Donatella said.

2018.09.26 / 11:38
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