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Handbag designer Michael Kors is reportedly closing in on a deal to buy iconic Italian fashion house Versace, as Wall Street Journal reports. According to sources close to the deal, Michael Kors is set to offer US$2 billion for the luxury brand.

It has been reported that on Tuesday, Donatella Versace —who has run the company with her brother Santo Versace, since the murder of their brother and label founder Gianni was murdered in 1997— has called a meeting with employees to announce the sale.

The Versace family currently own 80% of the fashion house, after the sale of a 20% stake to US private equity group Blackstone for €210m back in 2014. Allegra Versace, Gianni’s niece owns 50% of the stake, her mother Donatella owns 20% and Gianni’s older brother, Santo, owns 30%.

This sale would give Michael Kors an invaluable foothold in the European luxury fashion market. Currently, the Michael Kors conglomerate is best known for its affordable luxury products. It is evident that Michael Kors desires to make the shift to a recognised luxury brand. Last year the American company acquired Jimmy Choo for $1.2bn.

It’s safe to say people are heartbroken over this move, check out how twitter has reacted below:

me and my hunties contacting gianni versace to make sure he’s gonna haunt donatella for selling his whole fashion house to MICHEAL FUCKING KORS pic.twitter.com/DjMSAfr9rZ — xoxo, kylie (@meanspice) September 24, 2018

If MK really buys Versace I will be so heartbroken. Donatella has been my favorite designer since I discovered Versace at 10 y/o. Why would you sell your family’s legacy? Think about what Gianni would want Donatella… please……. — ＥＸＰＥＮＳＩＶＥ ＷＨＯＲＥ (@HIGHFASHI0NH0E) September 24, 2018

Gianni Versace didn’t die for his brand to be bought by Michael Kors — W⚓️ (@Wkhnage) September 24, 2018

Gianni Versace didn’t die for his ICONIC brand to be sold to some cheap & tacky designer who is the epitome of locals knowledge on designer brands & whos bags u can’t even tell the difference between the fakes they sell in turkey, this is the end of Versace. I’m so disappointed https://t.co/yRu3U6B0Ik — ‏ً (@cokelagerfeld) September 24, 2018

Neither Versace or Michael Kors are yet to release a statement regarding the sale at this present time.