Wait, Is Michael Kors Buying Versace?

An acquisition by Michael Kors would be a landmark deal for the fashion industry, with an American company taking over an Italian icon.

On Monday, outlets including Bloomberg and The Wall Street Journal reported that Michael Kors was close to acquiring the Italian luxury designer for roughly $US2 billion.

Another measure both brands should take is also separating Michael Kors (the founder) from this process (at least publicly) to help in quelling some of the negative sentiment surrounding the move.

Handbag maker Michael Kors Holdings is nearing an agreement to buy fashion house Gianni Versace.

"Why just WHY would you sell Versace to a brand like MICHAEL KORS", says another.

However it looks like Michael Kors shareholders weren't happy about the rumoured sale as shares in the brand fell by 8.7 percent following news of the possible transaction.

Again, Michael Kors is aiming to bolster its roster of luxury brands including those in the fashion, footwear, and accessories categories.

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Versace, famous for its baroque designs which regularly feature at A-list fashion events, was persuaded to sell the business by USA private equity group Blackstone, who own 20 per cent of the company.

Donatella Versace, sister of late founder Gianni, became the fashion house artistic director and vice-president after Gianni was was murdered in Miami Beach in 1997.

"Blackstone wasn't going to put any more money into it".

The Versace family owns the rest of the company.

Versace was the brainchild of Gianni Versace, who was born in Calabria to a dressmaker mother and presented his first signature collection in 1978, with his brother Santo taking care of the label's business arm. A spokesman for Blackstone had no comment.

He added that the biggest challenge for Versace will be to re-energise the brand and make it relevant to younger generations, particularly in Europe and Asia, while keeping a smooth and productive relationship with the family.

Versace fans are revolting after reports that the iconic Italian designer is about to be bought by Michael Kors.