Michael Kors ($KORS) is reportedly nearing a deal to buy Versace in a deal that would value the storied Italian fashion house at around $2 billion.
Blackstone would sell its 20 percent stake as part of the deal, according to the Wall Street Journal. It is unclear what role the Versace family, led by Donatella, would play in an acquisition. The family has tightly controlled the brand since designer Gianni Versace's murder in 1997.
Unlike Versace with its famous Medusa logo and luxurious stores, Michael Kors has staked out a position in the "mid" high-end market, though it did buy shoe designer Jimmy Choo last year for $1.2 billion.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
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While Nvidia's meteoric rise led it to briefly dethrone Microsoft as the world's biggest public company, there's a lot more going on in this market than A.I.
The Russian company said in a statement that the Commerce Department's decision would not affect its ability to sell its cybersecurity products in the U.S.
