VERSACE DEAL
US fashion giant Michael Kors is believed to be close to snapping up Italian rival Versace.
The deal is expected to value Versace – whose black dress with oversized safety pins actress Liz Hurley famously wore in 1994 – at more than £1.5billion. At the time of founder Gianni Versace’s death in 1997, the firm was making plans to float on the stock market.
Private equity firm Blackstone bought a 20% stake in 1994.