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The $2.4 billion Michael Kors is reportedly splurging on Versace looks like a bad use of shareholder funds
Versace fits nicely with Michael Kors’s strategy of creating a multibrand, global fashion group. That may be the problem: If you make clear you want a deal, you don’t get a good one.
Michael Kors is close to paying €2 billion ($2.4 billion) for Versace, The Wall Street Journal reported Monday. The Italian fashion brand is best known for glamorous, sometimes provocative designs and the tragic assassination of its founder, Gianni Versace, in Miami Beach in 1997.