LONDON—U.S. fashion group Michael Kors has agreed to take control of Versace in a deal that could value one of Italy’s most prized designers at $2 billion, sources familiar with the matter said on Sept. 24.
Budding luxury conglomerates, including Michael Kors’ U.S. rival Tapestry, owner of Coach and Kate Spade, are trying to make in-roads into an industry still dominated by European players such as Louis Vuitton owner LVMH.
