An Italian newspaper reports that the Versace group is on the verge of announcing its sale to an American company for 2 billion euros ($2.4 billion).

Models wear creations as part of Versace’s women’s 2019 Spring-Summer collection, unveiled during the Fashion Week in Milan, Italy, Friday, Sept. 21, 2018. (AP Photo/Antonio Calanni)

Corriere della Sera reported Monday, without citing sources, that the announcement could come as early as Tuesday. Bloomberg and Reuters news agencies later reported the buyer would be fashion group Michael Kors.

A model wears a creation as part of Versace’s women’s 2019 Spring-Summer collection, unveiled during the Fashion Week in Milan, Italy, Friday, Sept. 21, 2018. (AP Photo/Antonio Calanni)

The Italian company, founded by the late Gianni Versace, declined to comment on the reports.

Former model Shalom Harlow, right, wears a creation as part of Versace’s women’s 2019 Spring-Summer collection, unveiled during the Fashion Week in Milan, Italy, Friday, Sept. 21, 2018. (AP Photo/Antonio Calanni)

The brand, which has been run by Versace’s heirs since his murder 21 years ago, had been eyeing a public listing for several years.

A model wears a creation as part of Versace’s women’s 2019 Spring-Summer collection, unveiled during the Fashion Week in Milan, Italy, Friday, Sept. 21, 2018. (AP Photo/Antonio Calanni)

Donatella Versace is the brand’s creative driver. 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.

Source: The Associated Press