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Fans are begging Donatella Versace not to sell the company to Michael Kors.
Versace fans are revolting after reports that the fashion brand is on the cusp of announcing a deal with Michael Kors.
On Monday, outlets including Bloomberg and the Wall Street Journal reported that Michael Kors is close to acquiring the Italian luxury designer for roughly $2 billion.
Currently, the Versace family - including Donatella Versace, who became the brand's creative director after her brother's death in 1997 - owns 80% of the company. The other 20% is owned by private equity firm Blackstone Group, which acquired the stake in 2014.
An acquisition by Michael Kors would be a landmark deal for the fashion industry, with a more affordable American company taking over an Italian icon. Most Versace bags cost more than $2,000; you can buy a handbag at Michael Kors at Macy's for less than $100.
The stark difference between Michael Kors and Versace has some fans revolting against the rumored deal on social media.
"Don't let MKors buy any % of Versace. He will ruin it. He will kill it," reads one Instagram comment.
"You sell off your heritage and Gianni's memory for decadent money. I really hope you don't..but if it's so, I will never buy from you anymore," reads another comment.
Instagram
Donatella Versace's Instagram has been flooded with comments begging her not to sell the brand to Michael Kors.
As spotted by Bloomberg reporter Kim Bhasin, Donatella Versace's Instagram has been bombarded with comments begging her to call the deal off.
"Donatella, sweetie, how are you doing?" reads one comment. "[P]lease tell me all of the MK rumours are false because I'm crying like a baby".
Another comment reads: "don't let the rancid oppressive stain of a fashion house known as Michael Kors take away what made Versace great".
"Why just WHY would you sell Versace to a brand like MICHAEL KORS," reads a third.
Some on social media argue that the deal would disrespect the brand's founder, Gianni Versace, who died in 1997.
Versace did not immediately respond to Business Insider's request for comment on the backlash.
According to reports, Blackstone will sell its stake in Versace as part of the Michael Kors deal. The deal would reportedly allow the Versace family to maintain a role in the company.
According to Bloomberg, Donatella Versace has arranged a meeting with employees on Tuesday to announce the sale.
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