He is also of the view that the branding of Versace should not falter as a result of the transaction due to its boldness and links to high-fashion. And it comes as the Michael Kors business still hasn't been turned around, despite some progress made.
Last year, Versace brought back former top models Carla Bruni, Claudia Schiffer, Naomi Campbell, Cindy Crawford and Helena Christensen to the fashion house's catwalk. Sales of Kors' own brand, which was built on the success of accessibly priced designer handbags and watches, have suffered in recent years. Versace declined to comment.
The reports of a sale come as Michael Kors has made it clear that it wants to transform itself into a house of luxury brands, starting a year ago with its acquisition of Jimmy Choo, made famous for its "Sex and the City" stilettos.
Under the deal, private equity firm Blackstone Group will sell its current 20 percent holding, which it acquired in 2014.
According to Business of Fashion, Michael Kors Holding Ltd. could soon be the new owner of Gianni Versace SpA.
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Givi in turn is half-owned by Allegra Versace Beck, daughter of Donatella and niece of late founder Gianni.
"They didn't feel the need to invest so much money into another Italian fashion brand".
Since its founder's death, the label has been run by his sister, Donatella Versace, who along with family members owns 80 percent of the company. A spokesman for Blackstone had no immediate 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.
While she has since recovered and still runs Versace, the company is only modestly profitable, generating about $18 million in profits on $822 million in sales past year.
Versace's net profit last year was just under $22.7 million, compared with a net loss of $12 million the previous year.