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