Michael Kors to buy out Versace for at least $2B: report

The Michael Kors fashion group will reportedly announce a deal to take over Versace this week.

The Italian fashion group is valued at $2 billion, according to Reuters.

An Italian newspaper had reported that the deal could be announced as early as Tuesday.

Versace declined to comment.

Blackstone, which had taken a 20 percent stake in Versace in 2014, will fully exit the Italian company.

The Versace family, which owns the rest of the company will keep a role.

Blackstone also declined comment according to Reuters.