According to a Bloomberg report, handbag maker Michael Kors is close to acquiring the iconic Italian luxury designer Versace.
Market Insider reports that the deal values Versace at about $2 billion. It may come as early as this week, and will allow the Versace family to maintain a role in the company. Meanwhile, the private-equity firm Blackstone is planning to sell its stake in the deal. Blackstone owns 20% of Versace.