Versace is reportedly set to be snapped up by USA fashion group Michael Kors in a $2bn (£1.5bn) deal.
The deal with Michael Kors would come after the rumoured retreat of Kering, the French fashion giant which owns luxury brands like Gucci, Yves Saint Laurent and Alexander McQueen.
The leader of the pack is every mom's favorite handbag maker, Kors.
But word that a deal is close sent Kors shares down nearly 9 per cent to as low as US$66.33 in NY on Monday, the biggest intraday drop since May 30.
This won't be the first time that Michael Kors Holding Ltd. dropped a large amount of cash in order to take mega-successful brand under its wings. The other 20% is owned by the private-equity firm Blackstone Group, which acquired the stake in 2014.
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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 previous year. The Medusa head Italian fashion house drew interest from several companies, but it appears that Kors has reached the most complex negotiations of the bunch.
Versace, which makes more than half of its sales in Asia, would be a crown jewel for Michael Kors Holdings (kors), which a year ago purchased shoe brand Jimmy Choo for $1.2 billion. The company had been working toward an initial public offering, though market conditions haven't allowed it to move ahead.
Some on social media have argued that the deal would disrespect Gianni Versace, the brand's founder.
Donatella Versace is the brand's creative driver. She is artistic director of the fashion house.
Versace's net profit last year was just under $22.7 million, compared with a net loss of $12 million the previous year. She presented her latest collection for next spring and summer last Friday during Milan Fashion Week and was honored on Sunday by the Italian Fashion Chamber.